In February, the Small Business Administration launched LINC—Leveraging Information and Networks to Access Capital. According to SBA.gov, LINC is a simple way to connect prospective SBA lenders to small businesses in need of capital.
“Once you fill out the form, your business information will be sent to participating SBA lenders who will contact you within 48 hours should there be a match.”
In a recent blog post on SBA.gov, Small Business Administrator, Maria Contreras-Sweet wrote:
There’s a hunger among entrepreneurs to find financing to get their business off the ground or take the next big step in their expansion plan. Across the country, thousands of small business owners pound the pavement every day looking for term loans, equipment financing, lines of credit, invoice financing, and real estate loans to help them hire and grow. But too often, they’re wasting time they don’t have cold-calling and door-knocking their way to a lucky break. It shouldn’t be this way. If you have a bankable business idea backed by good credit and sound financial planning, you shouldn’t have to go begging to borrow.
On Wednesday, Contreras-Sweet joined Roland Martin on “NewsOne Now” to discuss how the SBA’s LINC initiative can help small businesses grown in an economic environment where banks are not so willing to lend and deliver an update on SBA lending to minority owned businesses.
Contrerars-Sweet told Martin there have been increases in SBA lending to minorities and African American women and said, “While the numbers are showing an uptick from 2002 to now — African American women businesses owners have expanded by 66%, and the SBA needs to be there more for them.”
The SBA Administrator offered the aforementioned LINC program as a way to increase lending to Black and women owned businesses.
Watch Martin and SBA Administrator, Maria Contreras-Sweet discuss the SBA’s efforts to increase lending to minority and women owned small business in the video clip above.
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