WASHINGTON — Borrowers and lenders of U.S. Small Business Association-backed loans will have greater access to capital and less paperwork as a result of a proposed regulation aimed at streamlining the application process while strengthening oversight and program integrity.
“Streamlining and simplifying has been a key focus of our agency over the last few years,” says SBA Administrator Karen Mills. “The changes are the latest steps to reduce paperwork burden, with our eye on the larger goal of expanding access to capital and giving entrepreneurs and small-business owners the financial resources to grow and create jobs.”
The SBA proposes the new measures after extensive consultations with lenders and borrowers to identify the greatest challenges they face and find ways to reduce barriers to making and accessing loans, while still maintaining strict oversight.
Among the proposed changes are: