SBA Improves Pilot Lending Program for Small and Underserved Businesses

The Small Business Administration (SBA) is making improvements to a pilot program known as The Community Advantage Pilot Program that is intended to help underserved entrepreneurs and small-business owners. One significant change is the maximum loan size which will increase from the current $250,000 to $350,000. The program was originally set to expire in September, 2022 but will now run through Sept. 30. 2024. Changes to the pilot will take effect on April 1, 2022. For more information or to learn about other changes to the program, click here.

It should also be noted that the Paycheck Protection Program (PPP) forgiveness process will continue into early 2023.