The Small Business Administration has launched a first-of-its-kind tool on the federal agency’s website that will allow entrepreneurs looking for a small business loan to get matched with an SBA lender.
The new tool, called LINC (short for Leveraging Information and Networks to access Capital) will have small business owners fill out a simple online form of 20 questions and connect them with lenders within 48 hours.
By directly connecting with prospective borrowers, the agency will be able to provide more guidance and ensure more capital is reaching our nation’s entrepreneurs.
“There’s a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan. The SBA stands there ready to help them, now with a few simple clicks,” said SBA Chief Maria Contreras-Sweet.
After filling out the form, a borrower’s answers will be sent to every lender in that borrower’s county, as well as to other lenders with a regional or national reach. Once lenders have reviewed the information that matters most to them, they’ll respond within 48 hours, all this for no fees or commitment. This option will untether entrepreneurs from the one neighborhood bank, using technology to get their foot in the door at any number of institutions and improve their access to capital.
LINC will roll out in waves. As of the recent launch, 124 lenders across SBA’s lending programs are participating in LINC, operating in all 50 states, DC, and Puerto Rico. Prospective borrowers may go to https://www.sba.gov/tools/linc