New loan model to support women entrepreneurs| Small Business Administration

Helping banks get to “yes” on small business loans for women entrepreneurs has never been more important to America’s economic health then it is right now.

Helping banks get to “yes” on small business loans for women entrepreneurs has never been more important to America’s economic health then it is right now.  That’s because smaller firms have driven our recovery, both nationally and locally. Small businesses are creating nearly 2 out of every 3 private-sector jobs. And, to accomplish all of this, they need capital. Capital to invest in new equipment, new buildings and to meet a growing payroll.

That’s why we’re encouraging banks to join our lending network and increase their lending activity to small business owners especially women and minority-owned firms. We’ve recently rolled out a credit scoring model for SBA small dollar loans of $350,000 or less, combining personal and business credit scores to streamline the lending process. With this model, we are eliminating the requirement for banks to submit cash flow analysis on loans of $350,000 or less, cutting time and the cost of applying for a loan.

This model helps lenders generate more loans and ignite more economic activity. By establishing a quicker, cheaper, and consistent loan process model, existing lenders can do more small-dollar lending. This will inevitably support the growth of small businesses, especially women and minority-owned small businesses because it will expedite access to capital.  Additionally, this credit scoring model is further enhanced by the well-known FICO Small Business Scoring Service Product, therefore both lenders and small businesses win.

Approval of smaller loans is a vital part of our promise of equal opportunity in America.  A study by the Urban Institute found that women and minorities are three to five times more likely to be approved for an SBA-backed loan than a traditional bank loan. In other words, if the SBA doesn’t get capital to these entrepreneurs, often no one will.

Therefore, I call on our local lenders to work with us in Region 10, to quickly advance loans and expand capital access by using our quick credit scoring model for small dollar loans.  Small businesses will benefit and that means our economy will benefit.

For further information, please contact the Seattle District Office at 206-553-7310 or visit us at www.sba.gov/for-lenders.

 

More in Business

Enumclaw’s QFC debuts home delivery service

The first order is free, but other orders will come with a charge.

Boeing’s venture into hypersonic jets | Don Brunell

The company’s come a long way since nearly crashing the company with its first attempt at supersonic flight.

Avoiding trouble while Tweeting | Don Brunell

Your social media can hurt you or help you when looking for a job.

Columbia River treaty talks too vital to ignore | Don Brunell

The United States and China are currently renegotiating the Columbia River Treaty.

Bellevue company patent infringement win gives small investors hope | Don Brunell

Until recently, our courts have been little help to patent owners.

Podiatrist opens Enumclaw practice

Go see Dr. Bock at 853 Watson Street North, Suite 100.

American giving has surpassed $400 billion | Don Brunell

“Americans’ record-breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid.”

Cementing radioactive wastes could save billions | Don Brunell

According to a recent article in the Tri-Cities Herald, the first phase of the demonstration project, grouting three gallons of waste held in Hanford’s underground tanks was successfully completed last December.

Mining contaminated waters to increase copper supplies | Don Brunell

With worldwide demand for copper soaring and there is new pressure to open new mines, expand existing ones, and add ore processing capacity — all of which have serious associated environmental challenges.

GE’s tumble from grace | Don Brunell

General Electric, once the world’s most valuable company, has been topped by Walgreens.

Vintage items, gifts and more at new Enumclaw shop

Featuring an eclectic mix of merchandise, partners Tori Ammons and Melissa Oglesbee… Continue reading

Jetsons cartoon robots now reality | Don Brunell

In April, the U.S. Labor Dept. reported a record high 844,000 unfilled positions in the hospitality industry — which is one out of eight jobs available today.