Brooklyn's Progress
August 2002

WASHINGTON – Newly implemented changes to the SBAExpress pilot loan program will significantly expand the number of lenders participating in the program and increase access to capital for small businesses, the U.S. Small Business Administration announced today. In particular, the SBA has implemented program modifications that will allow an estimated 2,400 lenders already delivering other SBA loan products to participate in the SBAExpress program. Many of these are small and rural lenders that serve small businesses in remote areas. As an additional measure, the SBA will open up the program to other lenders across the country experienced in small business lending but that have not participated with SBA. “The new and improved SBAExpress program exemplifies SBA’s commitment to innovation, simplification and dedication in responding to its customers and aligning its products closer to the needs of small business,” SBA Administrator Hector V. Barreto said. “The program is innovative in its approach to providing delivery mechanisms for SBA-guaranteed loans to suit the specific needs of a diverse array of small businesses,” SBA Administrator Hector V. Barreto said. “The agency has looked at new ways to work with its lending partners in order to expand service to small business borrowers and provide greater capital access opportunities. “These enhancements will expand the program’s reach to more small businesses and represent a major step in the agency's continuing efforts to increase efficiency and better meet the needs of both its lending partners and small business owners.” Administrator Barreto emphasized: “The program is about simplifying access to our loan products.”