Express Bridge Loan Pilot Program; Modification of Lending Criteria
SBA · other · Published 2017-10-16 · 82 FR 47958
Document
Document number
2017-22385
Federal Register citation
82 FR 47958
CFR reference
13 CFR 120
Type
Rule
Action
Notification of Express Bridge Loan Pilot Program and impact on regulatory provision.
Category
other
Agency
US Small Business Administration
Publication date
2017-10-16
Abstract
The U.S. Small Business Administration (SBA) announces SBA's Express Bridge Loan Pilot Program (Express Bridge Pilot), as described in this document, and its impact on an Agency regulation relating to loan underwriting for loans made under the Express Bridge Pilot. This pilot will provide expedited guaranteed bridge loan financing for disaster-related purposes to small businesses located in communities impacted by a Presidentially-declared disaster, while those small businesses apply for and await long-term financing (including through SBA's direct disaster loan program, if eligible). The modification of the lending criteria will minimize the burden on businesses applying for loans through the Express Bridge Pilot and provide an incentive for SBA Express lenders to participate in the pilot.