LINC up with the SBA
By Cassius F. Butts, Regional Administrator, U.S. Small Business Administration
There’s a hunger among entrepreneurs to find financing to get their business off the ground or to take the next big step in their expansion plan. Across the country, thousands of small businesses are searching for term loans, equipment financing, lines of credit, invoice financing, and real estate loans to help them hire employees and grow. But, often it is difficult to find the time to seek that lucky break.
This is where technology steps in. Online matchmaking services pairing lenders with prospective borrowers comprise a multibillion dollar industry. Perhaps you’ve seen the TV commercial in which a creditworthy home buyer goes online and is delighted to find banks competing to finance her house. Small business lending is the next frontier for these matchmaking services. Using the power of the internet, commercial lenders are finding creditworthy small business borrowers, while entrepreneurs are finding loan officers who are ready to sit down and talk.
The U.S. Small Business Administration (SBA) not only supports this concept, we are actively implementing it. Recently, SBA Administrator Maria Contreras-Sweet announced a new SBA initiative called LINC (Leveraging Information and Networks to access Capital). Our matchmaking service will help entrepreneurs get a viable date with a lender.