SBA loans

SBA Offers Tool to Connect Nonprofits to Small Asset Lenders

SBA Offers Tool to Connect Nonprofits to Small Asset Lenders

On Friday, June 19th, the Small Business Administration (SBA) introduced a resource specifically created for small businesses and nonprofits to help them find lenders in the Payroll Protection Program (PPP). The SBA’s Lender Match tool was developed to address the ongoing needs of small businesses and nonprofits, which may have experienced barriers finding a lending institution. SBA Administrator Jovita Carranza stated: “The SBA is focused on assisting eligible borrowers in underserved and disadvantaged communities and connecting them with forgivable PPP loans, especially before the June 30, 2020, application deadline.”  This tool is available online and serves as a pairing agent between nonprofits, including faith-based and community-based organizations, and financial lending institutions that may be better positioned to serve them, including: Certified Development Companies (CDCs), Minority Depository Institutions (MDIs), microlenders, and other entities. The new Lender Match tool is a significant step forward in addressing a challenge Sacred Sector staff have heard about, anecdotally through many faith-based leaders, especially those serving in rural and urban communities, and those led by and serving people of color.