The Small Business Administration is offering a new online lending tool called LINC.
Michael Foutch, Economic Development Specialist for the SBA, says LINC stands for leveraging information and networks to access capital.
Foutch says to use the tool, small business owners fill out a simple online form explaining what they want to do, how much they think they’re going to borrow and what their project looks like.
He says the form is then sent out to potential lenders across the region.
"So you fill out 20 questions and it will connect you with a lender within 48 hours and so you can start the conversation. This really is going to save borrowers a lot of time. And that’s why the SBA is doing this in cooperation with lenders.”
Foutch says the rollout of the online lending tool is just for nonprofit firms who offer small business lending.
He says eventually the SBA would like to see the tool include for profit banks and credit unions across the country.