SBA LINC Demonstration US Small Business Administration 1

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  • Slide 1
  • SBA LINC Demonstration US Small Business Administration 1
  • Slide 2
  • LINC Leveraging Information & Networks to access Capital What is it? An online referral tool to connect small business borrowers with nonprofit lenders from the Microloan, Community Advantage (CA), & 504 Programs Prospective borrowers complete an online questionnaire What are the parameters for referrals? Borrowers county Questionnaire responses are forwarded simultaneously to all of the LINC Lenders operating within a particular county Who is Participating? 150 Lenders ( and counting! ) Represent all 50 states, DC, & PR Account for more than 60% of loans made in the Microloan, CA, and 504 Programs 2 Borrower Inquiry Web Submission Requires SBA.gov registration Only one submission/day Lender Opt In Email Notification Lenders have currently have 48 hours to Opt In or Opt Out; Will change to 2 Business Days Lender Receives Contact Info Email Notification Within 48 hrs of Borrower Inquiry Borrower Receives Contact Info Lender Opt Out Borrower Receives Training Resources
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  • LINC 3 https://www.sba.gov/tools/linc
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  • Borrower Questionnaire 1: Please check your email that is associated with your SBA.gov account for a security code and enter it here. This will allow us to verify account ownership 2: Legal Business Name 3: Business Zip Code 4: Zip + 4 5: Contact First Name 6: Contact Last Name 4
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  • Borrower Questionnaire 7: Contact Email Address 8: Confirm Contact Email Address 9: Contact Phone Number 10: How many years has the business been in existence? 11: How many employees does the business have? 12: What is the estimated annual revenue? 13: Is the Business a for-profit business? 14: What is the business type? 15: What is the total amount of financing that you are seeking? 5
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  • Borrower Questionnaire 16: How will you use the money? 17: Is collateral available to support the loan? 18: Are you interested in receiving business advisory services (technical assistance)? 19: Do you have a written business plan? 20:Have you applied for a loan with another financial institution 21: Please provide a description of the current status of the business highlighting the reasons why you need financing. 6
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  • Initial Lender Notification 7 Lenders receive an email within one hour of a borrower inquiry Lenders identify from which counties they would like to receive referrals Opt Out of loans that exceed your programs maximum loan size or do not meet your use of proceeds tests
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  • Lender Confirmation Opt-In 8
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  • Lender Receives Contact Information 9 Kldjfdfjdf dfjk Lenders will only receive borrower contact information if they Opt-In
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  • Borrower Receives Lender Contact Information 10
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  • Lender Confirmation Opt-out 11
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  • Unmatched Borrowers - Training Resources 12
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  • LINC: How to Sign Up LINC User Contacts Organizations may have more than 1 LINC Contact Contacts can identify same or different counties How to Sign Up Email Jamie.Davenport@sba.gov the following information:Jamie.Davenport@sba.gov The name, title, email, and phone number for the person(s) that will receive LINC referrals The counties for which you would like to receive referrals Questions? Contact Jamie at (202) 205-7516 13
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  • LINC If interested in joining SBA LINC or making changes to your LINC account, please email Jamie.Davenport@sba.gov the following information: Jamie.Davenport@sba.gov The name, title, email, and phone number for the person(s) that will receive LINC referrals The counties for which you would like to receive referrals Jamie Davenport Chief, Community Advantage Division Office of Economic Opportunity Jamie.Davenport@sba.gov (202) 205-7516 15