The Wall Street Journal
By: Sarah E. Needleman
April 28, 2011
The U.S. Small Business Administration on Thursday approved six community-based lenders to immediately start accepting and processing applications for "Community Advantage" loans from qualifying small businesses.
The agency's "Community Advantage" program, announced in December, aims to expand access to capital in traditionally underserved communities. It opens the SBA's 7(a) loan program to community-based financial institutions, including community development financial institutions, SBA certified-development companies and the SBA's nonprofit microlending intermediaries.
The SBA began accepting applications from lenders for "Community Advantage" on Feb. 15. It will continue approving more on a rolling basis. The first six to win approval by the SBA are:
Cen-Tex CDC of Austin, Texas, which does business as BCL of Texas
The Progress Fund of Greensburg, Pa.
Eastern Maine Development Corporation of Bangor, Maine
Idaho-Nevada Community Development Financial Institution of Pocatello, Idaho
Kentucky Highlands Investment Corporation of London, Ky.
CDC Small Business Finance of San Diego