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Financial Services Law Insights and Observations

SBA unveils enhanced Lender Match tool to connect small businesses with lenders

Federal Issues SBA Consumer Finance Small Business

Federal Issues

On March 4, the SBA announced the launch of an online tool for small businesses to connect to capital through the SBA’s network of nearly 1,000 approved banks and private lenders. This Lender Match tool was designed to provide users with a more effective and user-friendly interface, including a mobile-friendly interface that allows small business entrepreneurs and enterprises seeking to grow businesses to more easily identify and compare potential lenders. The tool also included fraud-screening measures to ensure a smoother process for both parties. Small businesses that are unable to find a match through the tool will be directed to the SBA’s local advisors for additional support in becoming “capital-ready.” The SBA hopes to facilitate more connections for entrepreneurs looking for various financing options through the enhanced Lender Match platform including microloans and growth capital with competitive terms.