-
The SBA is committed to modernizing and simplifying its lending practices and, under the Obama administration, the agency has eliminated pages of regulations that were blocking the capital pipeline and hindering the growth of our economy.
August 25 -
Small-business loan approval rates by both large and small banks jumped in November, rebounding from an October lull in which the government shutdown caused a backlog in applications.
December 11 -
Wells Fargo and Live Oak Bank were the top lenders in the Small Business Administration's 7(a) loan program, helping lead the agency program to its most successful fiscal year.
November 6
The Small Business Administration has introduced a new online credit scoring tool that can be used for most of its small business loans of $350,000 or less.
The tool uses the FICO Small Business Scoring Service to help automate credit analysis, making the smallest SBA loans easier and more cost-effective for lenders to do.
It also should help make the underwriting process more objective and result in consistent credit decisions by lenders, the SBA says.
Lenders can use the tool for all 7(a) loans of $350,000 or less, excluding SBAExpress and Export Express.
