March 9, 2023 - The U.S. Small Business Administration has approved the Small Business Assistance Corporation (SBAC) for delegated authority for the Community Advantage (CA) loan program. What does this mean? SBAC has in-house authority to approve CA loans up to $350k. Having Delegated Authority status allows SBAC to fund loans quickly without the need to submit them to the SBA for approval.
“Our local economy is growing quickly. The loan approval process can take up to 10 days. Many of our SBA loans are below the $350k threshold, and the benefit to our clients is that we can reduce the processing time, and get them approved more quickly, sometimes within 24 hours.” Victoria Saxton, SBAC’s COO & CFO stated.
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