SBA Website Is a Great Resource for Lenders

When most of us consider the resources of the Small Business Administration website, we think of people looking for help with their small business and for those who are seeking small business loans. But what many of you may not realize is that the SBA website has a whole other section dedicated to helping lenders.

SBA Website Is a Great Resource for Lenders

Here is a quote from the SBA website For Lenders section: "Lenders play a vital role in helping SBA achieve its mission of helping small businesses start and grow across the United States. Check out the For Lenders section of the SBA website, which provides lenders with the resources they need to issue SBA loans."

The link above leads to that section, for our Rules of Thumb blog from MoneyThumb's readers who are lenders. If you aren't yet a lender with the SBA but want to become one, this link takes you to information on becoming a lender. Below is a list of the qualifications required to become a lender with the Small Business Administration:

Eligibility

To participate in the 7(a) Loan Program, a lender must meet the following requirements as indicated in the Code of Federal Regulations (CFR):

• Have a continuing ability to evaluate, process, close, disburse, service and liquidate small business loans;
• Be open to the public for the making of such loans (and not be a financing subsidiary, engaged primarily in financing the operations of an affiliate);
• Have continuing good character and reputation, and otherwise meet and maintain the ethical requirements as identified in 13 CFR Sec. 120.140;
• Be supervised and examined by a state or Federal regulatory authority, satisfactory to SBA.

The Rules of Thumb blog from MoneyThumb strives to help lenders be more successful. If you are a lender or are considering becoming one, whether with the SBA or lending money to individuals privately, read this post we wrote last Christmas that offers tips for peer-to-peer lending. Another way that MoneyThumb can help you as a lender is by offering specific PDF financial file converters made for lenders. By using these MoneyThumb tools, which are the preferred financial file converters of many lenders, you can quickly convert the financial statements of those people you are considering loaning money to. This will save you a ton of time and many headaches.

Please do us a favor. If you are a lender or know someone who is that is on your social media page, take just a second to share this post with them, either by sharing using the social media icon sharing buttons below the post or emailing the article to your lender friend. We are sure they will appreciate this helpful information.

Thank you and have a great day!