SBA launches tool to connect entrepreneurs to lenders

The U.S. Small Business Administration yesterday rolled out an online tool to connect entrepreneurs with approved lenders.

Dubbed Levering Information and Networks to access Capital, the Web tool asks potential borrowers to fill out a 20-question form to connect them with an SBA-approved lender within 48 hours, according to a news release.

“There's a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan,” SBA Administrator Maria Contreras-Sweet said in the release. “If you have a bankable business idea backed by good credit and sound financial planning, the SBA wants to streamline the process for you to get the capital you need.”

Starting off, the LINC program will focus on linking small-business owners with nonprofit lenders on microloans - those up to $50,000 with an average of $13,000; loans aimed at underserved communities; and real estate financing. The long-term goal is expanding the program to include more traditional banks and a wider variety of financial products.

At launch, 124 lenders operating in all 50 states, Washington, D.C., and Puerto Rico, are participating in the LINC program. Entrepreneurs can access the lender form at SBA.gov.