The Small Loan Advantage Program

Post Date: August 16, 2012

The SLA program is a delivery vehicle for SBA guaranteed term loans.

In June 2012, the SBA revised portions of the SLA program making the application process even easier, expanding the number of qualified lenders, and increasing the loan cap from $250,000 to $350,000. Pre-screening tools and streamlined documentation enable lenders to offer faster and more cost-effective SBA 7(a) loans to business borrowers.

SBA studies have shown the importance of lower dollar loans to small business formation and growth. With that in mind, and building on the agency’s “Advantage” platform, Small Loan Advantage will offer a streamlined application process for SBA 7(a) loans up to $350,000.

Small Loan Advantage

    • The small business applicant applies for financial assistance through Benetrends to an SBA approved lender.
    • The lender decides if the request will require an SBA guarantee.
    • To help the lender decide creditworthiness for lower-dollar loans, the lender can obtain certain data from the applicant and then get a pre-qualification indication from SBA as to the acceptability of the applicant for a loan guarantee.
    • If the pre-qualification comes back positive, the lender may complete a streamlined credit memo and make a formal request to SBA for guarantee.
    • Small Loan Advantage is structured to encourage existing SBA lenders to make lower-dollar loans, which often benefit businesses in underserved markets.
    • Maximum Loan Size: $350,000
    • Guarantee: 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.
    • Approval Times: Most Small Loan Advantage loans will be approved in a matter of 5 to 10 days.
    • Paperwork: Small Loan Advantage features a two-page application for borrowers after the lender has decided to apply for an SBA guarantee for the proposed loan. The lender completes a credit memo and may use their own loan note.

For more information schedule a consultation with one of our SBA Specialists.

Categories: Blog

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