Strategic Objective 1
Expand access to capital through OGI’s extensive lending network
Performance Goal: Support 757,000 jobs through capital assistance programs in FY 2018
FY 2016 - 2017 Priority Goal: By September 30, 2017, provide access to capital for small businesses through 2,500 active lenders in OGI’s 7(a) loan program.
Objective Lead: Associate Administrator, Office of Capital Access
Programs/Activities: 7(a) loans, 504 Certified Development Company loans, 504 Debt Refinance Program, Secondary Market Guaranty, Microloans, Surety Bond Guaranty, Small Business Development Centers (SBDC), Women’s Business Centers (WBC), SCORE, U.S. Export Assistance Centers
Strategies:
- Offer loan guaranty products to assist small businesses in obtaining financing when they do not qualify for conventional credit
- Strengthen and expand the network of lenders offering SBA products
- Leverage network of resource partners to assist small business owners in accessing capital
- Offer a guaranty surety bond product for small and emerging contractors
Access to capital is critical to the long-term success of America’s small businesses. The top priority at the SBA is to continue to increase lending to small businesses. As the markets have improved from the recession, the SBA is working to ensure that remaining gaps in the commercial markets are filled and that small businesses are well positioned to take advantage of opportunities in a stronger economy. The Agency also continues to streamline and simplify its loan programs to make its products more accessible to lenders and borrowers.
Small businesses that receive an OGI-backed loan report the number of jobs that will be supported by the loan. Jobs supported are an important outcome measure of the effectiveness of OGI financing and provide an indication of the Agency’s impact on the economy. Providing a variety of loan products, including 7(a) loans, 504 loans, and microloans in an easy and streamlined manner through a large network of active lenders and increased referrals from SBA’s network of counseling and training partners is how the SBA plans to support job creation and retention through financial assistance programs.