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- The Small Business Administration announced new efforts to assist entrepreneurs in getting loans.
- This includes simplifying loan requirements and expanding nonbank lenders that can issue SBA loans.
- These efforts are meant to close capital access gaps for minority and rural small business owners.
The Biden Administration is making it simpler for many small business owners to get the loans they need to start and grow their businesses.
As part of a series of changes, the Small Business Administration is simplifying loan requirements, making it easier for financial-technology firms to participate. The SBA is also increasing the scope of nonbank lenders that are licensed to issue SBA loans.