{"id":18408,"date":"2022-04-09T11:37:20","date_gmt":"2022-04-09T18:37:20","guid":{"rendered":"https:\/\/www.new-wbc.org\/?p=18408"},"modified":"2022-04-09T11:37:20","modified_gmt":"2022-04-09T18:37:20","slug":"biden-harris-administration-expands-sba-pilot-program-targeting-access-to-capital-for-underserved-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.new-wbc.org\/es\/2022\/04\/biden-harris-administration-expands-sba-pilot-program-targeting-access-to-capital-for-underserved-entrepreneurs\/","title":{"rendered":"Biden-Harris Administration Expands SBA Pilot Program Targeting Access to Capital for Underserved Entrepreneurs"},"content":{"rendered":"<div align=\"left\">Impactful reforms to the SBA\u2019s Community Advantage loan program have been announced by Vice President Kamala Harris and Administrator Isabella Casillas Guzman.<\/div>\n<div align=\"left\"><\/div>\n<div align=\"left\">There was good news regarding the SBA Community Advantage Pilot Program today.<\/div>\n<div align=\"left\"><\/div>\n<div align=\"left\">The program which is designed to prioritize equitable access to capital for low-income borrowers and those from underserved communities received several enhancements.<\/div>\n<div align=\"left\"><\/div>\n<div align=\"left\">Among the reforms being announced today for the Community Advantage program, the SBA will:<\/div>\n<ul>\n<li>Extend the pilot program\u00a0to\u00a0September 30, 2024, which was set to end in September 2022.<\/li>\n<li>Increase the maximum loan size up to $350,000, which represents an increase over the current levels of $250,000.<\/li>\n<li>Remove the restrictions that can keep individuals with criminal backgrounds from accessing the Community Advantage program.<\/li>\n<li>Simplify underwriting and collateral requirements for borrowers and lenders, including increasing the maximum unsecured loan size from $25,000 to $50,000, removing barriers that disproportionally impact underserved borrowers.<\/li>\n<li>Introduce additional abilities for lenders to make loan modifications\u00a0that meet borrowers where they are to best serve their capital needs.<\/li>\n<\/ul>\n<div align=\"left\">The SBA\u2019s goals for the Community Advantage program include:<\/div>\n<ul>\n<li>Increasing access to credit for small businesses located in underserved\u00a0areas;<\/li>\n<li>Expanding points of access to the SBA 7(a) loan program by allowing participation of non-traditional, mission-oriented lenders; and<\/li>\n<li>Providing Management and Technical Assistance (M&amp;TA) to small businesses, as needed.<\/li>\n<\/ul>\n<div align=\"left\"><em><strong>Ruth Garcia-Corrales<\/strong><\/em><\/div>\n<div align=\"left\"><strong>NEW-WBC. Program Director<\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Impactful reforms to the SBA\u2019s Community Advantage loan program have  [&#8230;]<\/p>\n","protected":false},"author":17,"featured_media":18411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[191,1017],"class_list":["post-18408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-sba","tag-small-business-support"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts\/18408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/comments?post=18408"}],"version-history":[{"count":0,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/posts\/18408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/media\/18411"}],"wp:attachment":[{"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/media?parent=18408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/categories?post=18408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.new-wbc.org\/es\/wp-json\/wp\/v2\/tags?post=18408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}