Small Businesses Have New Non-Profit Sources For SBA-financed Loans

This post by Ben Tedore

Posted in Financing, SBA

20 First Community lending organizations selected to start making loans up to $200,000 under new Intermediary Lending Pilot Program

Release Date: August 4, 2011
Contact: David J. Hall  (202) 205-6697 Or Dennis Byrne (202) 205-6567
Release Number: 11-46
Internet Address: http://www.sba.gov/news

WASHINGTON, D.C. – Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses.

Authorized under the Small Business Jobs Act of 2010, the new Intermediary Lending Pilot Program will provide direct loans up to $1 million to 20 community organizations or intermediaries in fiscal year 2011, which in turn will use those funds to help finance small businesses, mostly in underserved markets.

Designed to expand access to capital to small businesses and drive economic growth and job creation, the program will fund 20 additional community lenders in FY 2012.  The program has an additional year of authority in FY 2013 subject to appropriation by Congress.

“The Intermediary Lending Program is an important new tool to support businesses in underserved markets,” said SBA Deputy Administrator Marie Johns.  “Partnering with community lenders will increase points of access to capital for startups and businesses that have been disproportionately affected by the recession.”

One goal of the pilot program over the next two-to-three years is to assess the intermediary model as an effective tool for increasing lower-dollar lending to small businesses and startups, particularly those in traditionally underserved communities.

The first 20 community lending organizations funded by SBA to participate in ILP are:

Organization (Listed in Alphabetical Order)    City, State
Ben Franklin Technology Partners          Philadelphia, PA
Biddeford-Saco Area EDC                           Saco, ME
Business Finance Group, Inc                    Fairfax, VA
Central Minnesota DC                                Andover, MN
Clay-Platte Development Corp.                Kansas City, MO
Colorado Lending Source, Ltd.                 Denver, CO
Cooperative Fund of New England          Amherst, MA
Fresno County EDC                                    Fresno, CA
Grand Central Texas DC                            Austin, TX
Grow South Dakota                                    Sisseton, SD
Mahoning Valley EDC                               Youngstown, OH
NC Minority Support Center                    Durham, NC
Ohio Comm. Dev. Finance Fund            Columbus, OH
Pacific Community Ventures                    San Francisco, CA
PIDC Regional DC                                      Philadelphia, PA
Rural Nevada DC                                          Ely, NV
Seattle Economic Dev. Fund                    Seattle, WA
ShoreBank Enterprise Group                    Ilawco, WA
TELACU Community Capital                    Los Angeles, CA
UP Business Capital                                    Marquette, MI

For more information about the ILP program, visit the program website at http://www.sba.gov/content/intermediary-lending-pilot. To locate your local SBA office, visit www.sba.gov/about-offices-list/2.

For more information about all of the SBA’s programs for small businesses, visit the SBA’s Web site athttp://www.sba.gov.

2 Responses to “Small Businesses Have New Non-Profit Sources For SBA-financed Loans”

  1. On September 28th, 2011 at 12:20 pm Mary Kerner Said:

    I am the Lending person here at Rural Nevada Development Corporation and I am very excited to be partnering with the SBA! Counselors, lets get your clients to get their applications in! We just closed on this last week. We are ready to rock and roll!

  2. On January 14th, 2013 at 5:31 am BEE Said:

    TELL ME HOW TO FIND YOU. I WANT A BUSINESS LOAN . i know i need to work up figures.. right? there is a business just like mine that i want to see the books and get a projected idea of expenses and profits. how does one go non-profit? and what are all the advantages?

Leave a Comment

* indicates required field

NSBDC Website Business e-News Home Who We Are What We Do How Can We Help Toolbox Education and Training All Services Legal