The U.S. Small Business Administration (SBA) has announced improvements to their loan program. Not only is the SBA streamlining their loan application paperwork, but they’re also pledging to giving applicants a response within 45 days. That doesn’t sound super fast, but it is apparently an improvement over current response times. Many of the delays in the past have been due to incomplete application packages being submitted, and that relates to the complexity of the application process. The SBA aims to reduce problems small businesses have had in applying for loans by making the process more clear and straightforward.
Anita Campbell mentions that the current SBA Administrator, Steve Preston, comes from private enterprise, which no doubt contributes to the renewed awareness of and focus on the needs of small business owners. That’s good news!