New SBA Community Advantage Initiative Opens 7(a) Loan Program To CDFIs

Washington, DC - In an effort to expand access to capital for small businesses and entrepreneurs in underserved communities across the nation, the U.S. Small Business Administration (SBA) has announced the creation of a new loan initiative named Community Advantage. This new program will increase the number of lower-dollar loans into these underserved communities by allowing Community Development Financial Institutions (CDFIs), and other mission-focused lenders, to originate SBA 7(a) loans up to $250,000.

"This is another important development that will enable CDFIs working on the front lines of our nation's underserved communities to access additional capital and enable them to support more small businesses in the communities they serve. I commend Administrator Mills, Deputy Administrator Johns and the SBA staff for collaborating with the CDFI Fund and launching this important initiative," said CDFI Fund Director Donna J. Gambrell. "Creating partnerships between government agencies and programs has been a priority and I look forward to continuing our efforts that will support the increased impact of CDFIs across the nation."

Links:
SBA Press Release
SBA Fact Sheet