The Small Business Administration (SBA) has announced the availability of a dedicated online tool, called LenderMatch, to provide an additional resource for pandemic-affected small businesses that have not applied for or received an approved PPP loan to connect with lenders. LenderMatch enables small businesses and nonprofits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP).
The LenderMatch process is as follows:
- Within two business days after entering their information into the LenderMatch platform, a borrower receives an email from lenders who have been matched with them.
- The borrower can see lenders’ requests for them to begin an application.
- Borrowers are then able to begin the application process directly from the email they receive.
The forgivable PPP loan is emergency relief assistance aimed at sustaining businesses and keeping employees on payroll. Lender Match does not accept Economic Injury Disaster Loan applications.
For more information, read the announcement from the SBA. More information can also be found on the LenderMatch program page.
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