Officials from the U.S. Small Business Administration (SBA) met with a group of local lenders in Columbus last week to "talk about how they can increase their customers' ability to access capital," the Business Courier reports.
On October 1st, the SBA revised the eligibility requirements of the CapLines program, which "provides small businesses with short-term working capital," Columbus Business First reports. The CapLines program backs loans of up to $5 million at a 75% guarantee. The changes aim to streamline the loan process by allowing banks to "do the same underwriting and paperwork...as they do for standard loans," the Courier reports. Also, business owners will no longer have to pledge their personal assets as collateral.
For more information, read the Business Courier article here and the Business First article here.
