New SBA rules allow lenders to approve larger loan amounts with fewer qualifications.
New SBA Rules Allow Lenders to Approve Larger Loan Amounts with Fewer Qualifications
CHICAGO, Oct. 4, 2023 /PRNewswire/ — Today, Streamline Capital, America’s source for small business capital, announces access to larger business loans through the U.S. Small Business Administration’s (SBA) update to their Standard Operating Procedures (SOP). Streamline Capital is proud to simplify and streamline access to small business financing for entrepreneurs through an SBA-licensed lender.
The SBA’s SOP updates enable lenders to approve larger loans for businesses who meet lower qualification standards, helping more small business owners access capital. The SBA 7(a) program changes that are live in Streamline Capital’s portal include:
Commenting on the SBA SOP updates, David Cody, Streamline Capital Co-Founder and Co-CEO said, “In pursuing the SBA’s mission to ‘help Americans start, grow and build resilient businesses’, the SBA 7(a) loan program is a financial lifeline for over 33 million small businesses. The SBA’s latest updates allow lender service providers like Streamline Capital to support a broader network of American businesses in accessing a greater amount of capital.”
While Streamline Capital’s portal has undergone changes to include the SBA’s updates, Streamline Capital’s streamlined application process has not changed. Small businesses can still determine their eligibility for an SBA 7(a) loan in less than 15 minutes without impacting their credit score.
Luke LaHaie, Co-Founder and Co-CEO of Streamline Capital added, “We’re thrilled to offer business owners access to larger loans. Likewise, we’re happy to enable lenders to provide larger loans to their clients through our nimble, compliant platform. We’re proud to help businesses secure more capital to fuel their success and growth.”
The SBA 7(a) application is available to qualifying businesses and accessible in the Streamline Capital Portal.
About Streamline Capital
Streamline Capital is America’s source for small business capital, focused on empowering entrepreneurs with access to affordable loan solutions, streamlined tax credits, and trusted service providers – all in one place. Streamline Capital uses leading technology and real human support to help small businesses make their companies more efficient and profitable. Today, that includes equitable access to SBA 7(a) loans; streamlined processes to claim tax credits; simplified online bookkeeping with Xendoo; customized, competitive insurance with Mylo; personalized business advisory with Cultivate; and access to a marketing agency marketplace with Breef. To join Streamline Capital’s growing small business community, visit StreamlineCapitalMarket.com.
Streamline Capital is not a lender participating in the SBA’s 7(a) loan program; SBA 7(a) loans are ultimately processed and approved by a lender participating in the SBA’s 7(a) loan program.
