Wednesday, August 7, 2013

SBA Expands Pilot Lending Program Statewide

In 2011 the U.S. Small Business Administration launched Community Advantage, which is their pilot loan program. This program is targeted towards underserved small businesses. Recent news has stated that this pilot is being expanded and is now available statewide thanks to Appalachian Development Corp. The ADC is an economic development nonprofit lender located in the Upstate area that just received the Community advantage certification earlier this year. This organization has offered loans to qualified small businesses ranging from $25,000 to $250,000 through the Community Advantage program. According to this article the pilot program is “allowing qualified small businesses to access financing through nonprofit financial intermediaries”. Since its certification the ADC has made two Community Advantage loans this year and four pending SBA approval.  

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