June 24, 2020—Nearly one week remains to apply for the Paycheck Protection Program loan, and, as a result, the Small Business Administration recently reinstated its Lender Match program, which connects small businesses impacted by the COVID-19 pandemic with lenders, as noted in a Forbes report.
The relaunched website allows potential borrowers, like body shop owners, the opportunity to find a nonbank lenders. To offer a frame of reference, nonbank lenders include the likes of a Community Development Financial Institution (CDFI), Minority Depository Institution (MDI), Certified Development Company (CDC), a microlender, or a traditional bank lender.
“The SBA is focused on assisting eligible borrowers in underserved and disadvantaged communities and connecting them with forgivable PPP loans, especially before the June 30, 2020 application deadline,” SBA Administrator Jovita Carranza said in a statement.
To learn more about the Lender Match program, click here.
