Nebraska Enterprise Fund Becomes State’s First SBA Community Advantage Lender
The Nebraska Enterprise Fund (NEF) (www.nebbiz.org) has become Nebraska’s first Community Advantage Lender of the US Small Business Administration (SBA) in Nebraska.
Community Advantage is a pilot loan program introduced by the SBA to meet the credit, management, and technical assistance needs of small businesses in underserved markets. The program’s goals are to increase access to credit for small businesses located in underserved areas, expand points of access to the SBA 7(a) loan program by allowing non-traditional, mission-oriented lenders to participate, to provide management and technical assistance to small businesses as needed, and to manage portfolio risk. Community Advantage loans provide financing up to $250,000 and follow the same guaranty and terms as a 7(a) loan. The Community Advantage program is currently scheduled to last through March 31st, 2020.
The Nebraska Enterprise Fund is the premier Nebraska small business Community Development Finance Institution providing business development services and financing to micro and small businesses across the state. NEF is also a network partner of the SBA’s Microloan Program which enables NEF to make loans (loans of $50,000 or less) to small business borrowers. NEF has over $11M in assets and focuses statewide both in urban and local areas. In addition to SBA, NEF partners with USDA, CDFI and banking institutions. NEF envisions a Nebraska where every small and micro business owner has the opportunity and resources to realize their potential. They reach viable entrepreneurs in collaboration with the banking sector or when a business is feasible, but not yet fully bankable.
For more information about the Nebraska Enterprise Fund and their services, go to www.nebbiz.org.