WASHINGTON – Proposed regulations to streamline the Small Business Administration loan application process are intended to lessen paperwork and provide greater access to capital for borrowers and lenders.
“Streamlining and simplifying has been a key focus of our agency over the last few years,” said SBA Administrator Karen Mills. She said the changes will give “entrepreneurs and small business owners the financial resources to grow and create jobs.”
The proposed changes include eliminating the requirement for a borrower to obtain a maximum level of personal finance resources, revising rules for small businesses to qualify by virtue of size in relation to their association with other companies; eliminating the rule that only expenses incurred nine months prior to submitting the loan application are applicable; and strengthening oversight of the loan program.
Information on the new rules is at www.sba.gov.
Rhode Island is information is available from the regional SBA office at 401-528-4561 or at www.sba.gov/about-offices-content/2/3144.