SBA launches online tool to help entrepreneurs access capital

The Small Business Administration on Thursday launched LINC, an online tool that will allow entrepreneurs looking for a small-business loan to be matched with an SBA lender somewhere in the United States.

In a prepared statement, the SBA said LINC is designed to “untether entrepreneurs from the one neighborhood bank, using technology to get their foot in the door at any of a number of institutions and improve their access to capital.”

LINC, which stands for Leveraging Information and Networks to access Capital, will require small-business owners to answer 20 questions that will be reviewed by the 124 lenders across the United States participating in the program. Lenders will respond to the prospective borrower within 48 hours. The SBA hopes to increase the number of lenders participating in LINC as time goes on.

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The program is being rolled out in waves. It is beginning by connecting small-business owners with nonprofit lenders that offer free financial advice and specialize in micro-lending, loans up to $50,000; loans through the SBA’s Community Advantage program, which has a loan limit of $250,000; and real estate financing through the SBA’s CDC/504 Loan Program, which provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

In the longer-term, the SBA hopes to add more traditional banks that offer a wider array of financial products.

Prospective borrowers may access the questionnaire online.