Texas Border Business
HARLINGEN, TX– In mid-February SBA Administrator Maria Contreras-Sweet announced a new agency tool that matches small business borrowers with a SBA lender within 48 hours.
“This new tool, called LINC (Leveraging Information and Networks to access Capital) requires small business owners to fill out a simple online form of 20 questions and connect them with lenders within a 48 hour window,” Contreras-Sweet said. “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.”
“LINC will bring entrepreneurs and SBA lenders together. 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 ready to help them, now with a few simple clicks,” Contreras-Sweet said. “Across the country, thousands of small business owners pound the pavement every day looking for term loans, equipment financing, lines of credit, invoice financing, and real estate loans to help them hire and grow. If you have a bankable business idea backed by good credit and sound financial planning, the SBA wants to streamline the process for you to get the capital you need.”
According to SBA’s Region VI Regional Administrator Yolanda Garcia Olivarez, who oversees SBA’s programs and services for Texas, New Mexico, Oklahoma, Arkansas and Louisiana, once a borrower completes the online form it will then be sent to every lender in that borrower’s county, as well as to other lenders with a regional or national reach. Once those 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 frees entrepreneurs from the limited choices they may have,” Olivarez said. “Using this technology will enhance a borrowers’ position with lenders and provide them with alternative sources of finance.”
Olivarez said the agency plans to roll out LINC in waves. It will begin by connecting small business owners with nonprofit lenders that offer free financial advice and specialize in micro lending, loans in our Community Advantage program, and real estate financing. In the longer-term, SBA will look to add more traditional banks that offer an even wider array of financial products.
Angela Burton, acting district director of the Lower Rio Grande Valley District believes LINC is a step in the right direction. “It’s truly an example of the SBA’s tagline, Smarter, Bolder and more Accessible to our customers,” Burton said.
As of the February 18th launch, 124 lenders across SBA’s lending programs are participating in LINC, operating in all 50 states, DC, and Puerto Rico. Since 2009, these borrowers have made more than 42,000 SBA loans, totaling more than $17 billion. To access the link, visit https://www.sba.gov/tools/linc.
