On Wednesday, the SBA announced two new lending initiatives to help get modest loans out to small businesses quickly reports CNN Money.
The idea is to get loans under $250,000 into the hands of small businesses efficiently: Applications are only 2 pages long and can be approved in anywhere from “minutes” to 10 days, according to the SBA. Greater access to credit should help spur firms to grow and hire, giving the economy a boost.
“Many entrepreneurs and small business owners across the country have enormous potential to drive economic growth and create good-paying jobs in their local communities, but too often they face barriers in fulfilling that potential,” said Catherine Hughes, chairperson of the SBA’s new Advisory Council on Underserved Communities, in a written statement.
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