On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
In a rising rate environment with turbulent economic conditions, many small businesses seeking capital may have trouble obtaining the needed financing to maintain or grow their businesses. Statistically, this is especially true for minority-, veteran- and women-owned businesses and those located in rural communities.
According to the Small Business Administration (SBA), in 2022, two out of three business owners who sought credit did not receive what they needed.
That’s why the SBA has made some changes this year to its programs. Specifically, the new rules expand the pool of licensed lenders, update eligibility criteria and underwriting processes to streamline documentation and grant permanence to the Community Advantage program for nonprofit mission lenders like community development financial institutions (CDFIs) and community development loan funds.
One significant benefit among these changes for small businesses is the waiving of upfront guaranty fees for certain small businesses for the entire 2024 fiscal year, including:
These changes could mean up to $25,000 difference for a small business borrower. Among the ways we’re seeing companies use these loans are:
Pinnacle has preferred lender status from the U.S. Small Business Administration, which helps streamline our application and review processes, and was in the top 5% of largest SBA lenders in the U.S. during fiscal year 2023I.
No matter where you bank, it’s worth a conversation with your financial advisor to see if these changes make SBA lending a better option for your business.
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