SBLC

Readout of SBA Administrator Guzman’s Attendance at White House Roundtable on Increasing Capital Access for Tribal Nations

Retrieved on: 
Friday, March 1, 2024
Native Americans, Growth, Commerce, Interior, Human, SBLC, SBA, Mohegan Tribe, Interview, Native

At the roundtable, Administrator Guzman underscored the SBA’s commitment to increasing capital access for Native Americans as part of President Biden’s Investing in America Agenda.

Key Points: 
  • At the roundtable, Administrator Guzman underscored the SBA’s commitment to increasing capital access for Native Americans as part of President Biden’s Investing in America Agenda.
  • Under the Biden-Harris Administration, total loans to Native-owned businesses are up 70% , and total loan dollars have almost doubled.
  • The roundtable acknowledged that while significant progress has been made, there is still more work to be done as the Biden-Harris Administration strives to better serve Tribal communities.
  • For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at [email protected] .

SBA Unveils Updated Equity Action Plan to Advance the Biden-Harris Administration’s Commitment to Investing in Equity

Retrieved on: 
Wednesday, February 14, 2024
SAM, Small Business Administration, Health, Human, KEGG, SBLC, General Services Administration, SBA, GSA, Entrepreneurship, Small business, Management, Growth, White blood cell, Master, National Pan-Hellenic Council, Federal, Veteran, Community, American Jewish Committee, Negotiation, Partnership, Woman, Rural area, Commerce, Capital, Central business district, Face, MAS, Survivor, SDB, Government, Executive, Policy, SBIC

“The SBA’s updated Equity Action Plan recognizes the tremendous value that diverse entrepreneurs bring to our economy in terms of job creation, innovation, and domestic and international competition.

Key Points: 
  • “The SBA’s updated Equity Action Plan recognizes the tremendous value that diverse entrepreneurs bring to our economy in terms of job creation, innovation, and domestic and international competition.
  • Some SBA programs utilize a specific definition for underserved communities and/or disadvantaged small businesses as outlined in program statutes and regulations.
  • Improve Access to Disaster Assistance by modernizing technology, streamlining the application process, and increasing support for underserved disaster survivors navigating the application process.
  • The SBA’s regular engagement with the small business community and its stakeholders helped inform the Equity Action Plan .

SBA Announces Biden-Harris Administration’s Progress in Small Business Lending with End-of-Year Capital Program Numbers

Retrieved on: 
Tuesday, November 21, 2023
Veteran, AAPI, Disaster, Community, Partnership, Small business, Survivor, Risk, Heel, Small Business Administration, Woman, Success, SBIC, GDP, Administration, International trade, Fraud, Poverty, Early Stages, Growth, Investment, SBA, SBLC, Environment, Bank

Under the Biden-Harris Administration, the SBA experienced another banner year of lending with increases in its microloan program, as well as its flagship 7(a) Loan Program — the agency’s primary vehicle for providing funding to small businesses.

Key Points: 
  • Under the Biden-Harris Administration, the SBA experienced another banner year of lending with increases in its microloan program, as well as its flagship 7(a) Loan Program — the agency’s primary vehicle for providing funding to small businesses.
  • In Fiscal Year 2023, the SBA transformed its lending and investment programs and expanded its capital partners to deliver nearly $50 billion in startup, growth, and recovery capital, as well as surety bonds, including more small business lending to people of color, women, and veterans.
  • The SBA also made strides in its ongoing efforts to close persistent gaps in capital, particularly for entrepreneurs from underserved communities.
  • In FY23, the SBA continued to innovate and retool its programs, while deepening outreach efforts to business owners across the nation, particularly those from underserved communities.

Funding Circle Plc: U.S. Small Business Administration Grants Funding Circle 7(a) SBLC Licence

Retrieved on: 
Tuesday, November 7, 2023
Small business, SBLC, Second Continental Congress, Bank, Funding Circle, Bank for International Settlements, Congress, SBA

Funding Circle Holdings plc ("Funding Circle") announces that its US business has received a formal notice from the US Small Business Administration (SBA) that its application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) licence to participate in its flagship 7(a) small business loan program.

Key Points: 
  • Funding Circle Holdings plc ("Funding Circle") announces that its US business has received a formal notice from the US Small Business Administration (SBA) that its application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) licence to participate in its flagship 7(a) small business loan program.
  • Funding Circle will be permitted to begin originating 7(a) loans once all lender oversight requirements are met to the satisfaction of SBA and upon receipt of an executed Form 750, a Small Business Administration Loan Guaranty Agreement.
  • An SBLC licence permits Funding Circle to originate federal government guaranteed 7(a) loans up to $5 million nationwide across the U.S.
  • Funding Circle estimates it will be able to begin offering 7(a) Small Loan s up to $500,000 alongside our existing core loan products in early 2024.

Biden-Harris Administration Takes Historic Step in Expanding Access to Capital and Filling Lending Gaps in Underserved Communities

Retrieved on: 
Wednesday, November 1, 2023
Democracy, Small business, SBLC, Funding Circle, Persistent poverty county, Human, Administration, Castle Grande, Economic policy of the Joe Biden administration, Community Advantage Loan, Risk, Business, Poverty, Alaska Natives, Economic development, Community, CDFI, SBA, Capital, Bank, Renewable energy

“Persistent barriers to capital, especially smalldollar loans, still pose a challenge to many of the entrepreneurs who power our economy.

Key Points: 
  • “Persistent barriers to capital, especially smalldollar loans, still pose a challenge to many of the entrepreneurs who power our economy.
  • The Biden-Harris Administration remains committed to filling capital market gaps – and the expansion of the SBA’s SBLC program after more than forty years is a monumental step forward in this crucial effort.
  • The SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending.
  • As a result, SBLCs are positioned to write higher volumes of loans to small businesses than possible without a government guarantee.

U.S. Small Business Administration Grants Funding Circle 7(a) SBLC License

Retrieved on: 
Wednesday, November 1, 2023
Small Business, Professional Services, Finance, Small business, SBLC, Bank, Funding Circle, Bank for International Settlements, Research, FCH, LSE, SBA, Real estate

Funding Circle (LSE: FCH), the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1.

Key Points: 
  • Funding Circle (LSE: FCH), the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1.
  • The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris Administration’s efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and to grow the economy.
  • 77% of Funding Circle loans are for less than $150,000, 33% go to businesses in low-moderate income neighborhoods and 40% to businesses in rural areas.
  • Funding Circle will begin offering SBA 7(a) Small Loans in 2024.

Biden-Harris Administration Expands Access to Capital for Underserved Small Businesses Through Mission-Based Lenders

Retrieved on: 
Friday, October 20, 2023
Black and Brown!, LMI, OFN, SBLC, Nonmotorized Transportation Pilot Program, Human, Veteran, Community Advantage Loan, User experience, Ecosystem, Community, Woman, SBA, Real estate

“Under the Biden-Harris Administration, the SBA has prioritized closing longstanding capital gaps by expanding the number of lenders focused on underserved markets so these highly entrepreneurial communities can power our economy.

Key Points: 
  • “Under the Biden-Harris Administration, the SBA has prioritized closing longstanding capital gaps by expanding the number of lenders focused on underserved markets so these highly entrepreneurial communities can power our economy.
  • The Community Advantage Loan Pilot Program – originally launched during the Obama-Biden Administration and set to expire in 2022 before the Biden-Harris Administration extended it – was designed to connect underserved small businesses to capital by providing mission-oriented lenders access to 7(a) loans.
  • Community Advantage lenders serve businesses that historically have been excluded from access to capital due to limited financial resources and many other systemic barriers.
  • Under the Pilot Program, Community Advantage lenders have contributed to small-dollar lending outcomes that increased lending to Black and Brown borrowers.

Truist Partners with Standard Chartered to Strengthen Trade Finance Capabilities in Emerging Markets

Retrieved on: 
Tuesday, September 19, 2023
Banking, Professional Services, Business, Finance, Partnership, Truist Financial, Standard Chartered, TFC, Standard, SBLC, Bank, NYSE, Airline, Truist

Standard Chartered Americas (the “Bank”) today announced that it has entered a trade finance partnership with Truist Bank (NYSE: TFC) that will enhance Truist clients’ ability to conduct global business.

Key Points: 
  • Standard Chartered Americas (the “Bank”) today announced that it has entered a trade finance partnership with Truist Bank (NYSE: TFC) that will enhance Truist clients’ ability to conduct global business.
  • Truist’s corporate and commercial clients will benefit from Standard Chartered’s ability to fulfill their trade finance needs in emerging markets in Asia, Africa and the Middle East.
  • Key Highlights of Trade Finance Services Partnership Are:
    Export and Import Letters of Credit: Truist will gain access to Standard Chartered’s footprint and ability to monitor transactions in real time for the entire value chain of documentary trade.
  • “We are thrilled to be partnering with Truist and facilitate its clients’ cross-border trade finance needs across our footprint.

Vice President Harris, Administrator Guzman, Representative Chu Highlight Community Advantage Program during Small Business Visit

Retrieved on: 
Thursday, July 6, 2023
Interview, Administrator, Community Advantage Loan, Woman, Presidency of Barack Obama, SBLC, Community, American Rescue Plan Act of 2021, Economic development, Alfalfa, SBA, Native American policy of the Barack Obama administration, Legislation, Real estate, Veteran, Black

During the visit, Vice President Harris, Administrator Guzman, and Representative Chu met with the owners to discuss how Alfalfa Santa Monica was able to successfully use the SBA’s Community Advantage Program to help them expand from their New Jersey home and continue to provide healthy food options to communities.

Key Points: 
  • During the visit, Vice President Harris, Administrator Guzman, and Representative Chu met with the owners to discuss how Alfalfa Santa Monica was able to successfully use the SBA’s Community Advantage Program to help them expand from their New Jersey home and continue to provide healthy food options to communities.
  • “Our small business visit today at Alfalfa in Santa Monica highlighted the economic impact of SBA’s lending to startups and underserved entrepreneurs through the Community Advantage Program,” said Administrator Guzman.
  • Under the Community Advantage Program, Black business owners receive 23% of SBA Community Advantage funding compared to 4% of traditional SBA 7(a) loans; Hispanic business owners receive 13% of Community Advantage loans compared to 10% of 7(a) loans.
  • Removing harmful restrictions that excluded individuals with non-financial criminal backgrounds from accessing the Community Advantage Program.

U.S. Small Business Administration Now Accepting Applications for Small Business Lending Company License

Retrieved on: 
Thursday, June 1, 2023
Small business, Community Advantage Loan, Human, SBA ARC Loan Program, Administration, SBLC, Community, Risk, SBA, Community development financial institution, Community development, Rare-earth element, Bank, Real estate

WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.

Key Points: 
  • WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.
  • SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending.
  • An SBLC license allows the lending organization to utilize government guarantees when underwriting small business loans to reduce the level of risk to the lender and cost to the borrower.
  • Community Advantage Pilot Program lenders may learn how to transition to a permanent, Community Advantage SBLC License here: https://www.sba.gov/document/information-notice-5000-846918-community-ad... .