A mixed group of more than 25 resource partners and SBA lenders participated in the April 9 event, hosted by SBA’s Deputy Marie C. Johns, The U.S. Treasury Department and Empire State CDC, at New York City’s India Club House.
The conversation centered around the U.S. Small Business Administration’s Community Advantage Program, which is designed to provide mission-oriented lenders, primarily nonprofit financial intermediaries focused on economic development, access to 7(a) loan guaranties for loans of $250,000 or less. The Program has undergone many changes since its launch and the discussion was an opportunity to provide updates and gain feedback from resource partners and SBA lenders in the community.
For the first time, Community Advantage makes the SBA’s guaranteed loan program accessible to a broad range of mission focused lenders. Through the recently created CA Associate status, the CA Network is expanding to include other organizations that share the objectives of participating CA Lenders. For example, CA Network participants could include housing oriented CDFIs, faith-based organizations, neighborhood business associations and other such organizations. The core mission of the CA Network is to increase the likelihood of success by providing capital to small businesses in underserved markets, especially those that are minority and women-owned.