For small businesses, experts and proponents have said the rule could increase access for small businesses — particularly when it comes to small-dollar loans. But some in the banking industry have also
In 2020, the SBA also allowed nonbank lenders to participate in the popular Paycheck Protection Program, expanding the lending pool by thousands as part of an effort to reach underserved businesses that did not have an existing banking relationship. Ultimately, the PPP made 11.3 million forgivable loans over 2020 and 2021. In 2021, the SBA posted a record
The SBA would periodically open up application periods for new SBLCs, as well as a new category of nonprofit-based SBLCs it calls “mission-based SBLCs,” to apply for the 7 program. Representatives of fintechs said lifting the moratorium on nonbank SBLCs will accomplish the goal of increasing access to capital.
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