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SLA

SLA Program

Summary: 
sla small lending advantageSLA lending was designed to promote economic growth and jobs by expanding access to capital for small businesses and entrepreneurs in under-served communities. SLA is an extension of the SBA 7a program that is simplified and streamlined to create a more advantageous and cost effective process for banks completing SBA loans $350,000 and below.

Streamlined Process:

  • SBA scores all SLA loans on the front end rather than the backend
  • The SLA application only requires a 2 page submission to the SBA.
  • From the initial submission to the SBA, all the way through closing and funding, these loans can take as little as 30 days to process.

Advantages:

  • Can be used for all the same purposes as 7A
  • Loan Sizes – up to $350,000
  • Provides a simple and easy way for the bank to make small dollar loans and receive a guarantee up to 85%.
  • SLA lending enables the bank to reach a wider range of customers and benefit the underserved markets of small business loans.
  • Achieving PLP (preferred lender program) status becomes a more attainable goal and would be a great selling point for our SBA program as a whole.
  • A small business that might not qualify for conventional lending practices may normally get overlooked without this program. With this program these small businesses may get the opportunity to grow, develop, and thrive. They appreciate that a bank finds a way to finance the business when others refused to help. When it comes time for those business owners to expand, obtain a mortgage for their home, refinance, or just deposit their money, they will lean on Bridgeview Bank, the bank that started with them at the ground floor and helped them achieve the American dream.
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