SBA update for August 2024: New loan, beefed-up small business programs

SBA update for August 2024: New loan, beefed-up small business programs Main Photo

6 Aug 2024


News

Small business owners are now officially able to apply for the Small Business Administration's New Working Captial Loan. The announcement comes after the agency initially rolled out the Working Capital Pilot Program offering for its 7(a) lenders, releasing details on fees, rates and terms that would give small business owners more flexibility. The fee structure includes a transaction-based loan for individual projects or orders, and an asset-based loan to access funds against their assets.

Owners can go to the SBA's website for more information or use the agency's “Lender Match” tool to find a lender near them. 

But that's not the only move the agency has made over the last month for business owners and lenders. We've rounded up some of the biggest changes in our new SBA update.

Click here to view the original article from MSP Business Journals here.