Rural Lender Advantage
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Key Features of the Initiative:
• A streamlined, simpler, and more user friendly 7(a) process for small loans ($350,000 or less) • One page application (two sided) for very small loans with key, but limited additional information required for loans above $50,000 • SBA guarantees 85 percent of loans of $150,000 or less and 75 percent of loans greater than $150,000 • Loans centrally processed through SBA’s Standard 7(a) Loan Processing Center • Expedited SBA processing with routine loans processed within 3-5 days • Lenders can transmit applications via fax and eventually online • Simplified SBA loan eligibility questionnaire to help small or occasional lenders meet SBA’s eligibility requirements • Training on SBA program requirements from local SBA offices |