I am excited by the new ways we can better serve small businesses and our lending partners.” “Exceptional service and a positive customer journey are paramount. “Our ALP designation is a critical milestone for SomerCor and a reflection of the hard work and dedication of our skilled team,” said Manuel Flores, President and CEO of SomerCor. The SBA has published the application for the third round of funding however, our portal is not yet available. ALP CDCs will have the authority to approve, authorize, close, and service SBA 504 loans of $500,000 or less under program enhancements enacted through federal COVID-19 relief legislation. In addition, pending SBA final rules, SomerCor will be able to participate in the new SBA 504 Express Loan program. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. To achieve ALP status, SomerCor underwent an extensive SBA qualification process that included the evaluation of staff expertise, as well as an assessment of performance metrics related to SomerCor’s loan processing, portfolio growth and servicing, and compliance with SBA lending regulations.ĬDCs with ALP designation are granted an increased authority in the processing, closing, and servicing of SBA 504 loans, resulting in an expedited lending experience for borrowers and lending partners. As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. ALP is a prestigious designation granted by the SBA to high performing, non-profit SBA 504 lending companies. SomerCor, a Chicago-based Certified Development Company (CDC), is proud to announce it was awarded Accredited Lender Program (ALP) status by the U.S. USDA loans, however, can be used for nonprofits as well as for-profit businesses.SomerCor Awarded Prestigious SBA Accredited Lender Program (ALP) Status However, these stimulus loans for nonprofits were restricted to those nonprofits affected explicitly by the coronavirus pandemic and other current or future disasters that require a special government declaration. Likewise, the Paycheck Protection Program (PPP) under the CARES Act also allowed for SBA nonprofit loans. For official information on the recovery.
For more SBA disaster assistance information visit go.usa.gov/xM8UQ. However, there are special instances where nonprofits can apply for disaster related programs The 2020 CARES Act amended the SBA’s Emergency Economic Injury Disaster Loan (EIDL) program to include business loans for nonprofit organizations. Additional details on the loan-application process can be obtained by calling the SBA Customer Service Center at 80 (80) for the deaf and hard-of-hearing) or by sending an e-mail to. No, in most all cases the SBA does not allow nonprofits to apply for SBA loans. Can I get an SBA loan for a nonprofit business? Please be on the lookout for emails from our team regarding status. You can also call our partner directly at: (. To qualify for an SBA 7(a) working capital loan, your business will need to be. We’ll stay by your side throughout the process, answer all your questions and ensure the right documents are filed at the right time to get your loan approved as quickly as possible. Once logged in to the portal, you can access our partners live chat option to ask about your application status. Our SBA loan experts will walk you through everything you need to do to get from request to approval. We’ll make sure you know exactly what you are expected to contribute to get the funding you’re looking for. SBA loans for land and construction, real estate, fixed assets, equipment, working capital, debt refinancing and other uses each have their own requirements. It varies depending on the type of SBA loan and what you are financing. How much money do I have to come up with to get an SBA loan? We’ll help you understand your options and make the best decision for your current circumstances while addressing your business’s short-term needs and long-term goals. SBA loans were designed with small business owners in mind, so the up-front investment, loan amounts, fees, and interest rates are quite competitive compared with traditional lenders.
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