The Small Business Administration (SBA) has unveiled a new working capital loan initiative to support small businesses. This initiative follows the introduction of the Working Capital Pilot Program for 7(a) lenders, which offers flexible fee structures, rates, and terms. The new loan options include transaction-based loans for specific projects or orders and asset-based loans that provide access to funds against business assets.
Small business owners can access more information and apply through the SBA website or use the “Lender Match” tool to connect with local lenders.
In addition to the working capital loans, the SBA has introduced several updates to further benefit business owners and lenders:
The SBA is also addressing challenges related to defaults on Covid-19 Economic Injury Disaster Loans, seeking assistance from business owners and creditors to liquidate surplus equipment.
Additionally, organizations have until August 15 to apply for the Cyber Prize Competition, which offers $350,000 to develop a national cyber certification program for SBA resource partners, including Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), SCORE, and Veterans Business Outreach Centers (VBOCs).
Recent SBA initiatives include:
These updates reflect the SBA’s continued commitment to enhancing support for small businesses through innovative programs and resources.
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