Rapid Response - Solutions for Economic Transition
Feb 23

Another Tool for the Rapid Response Layoff Aversion and ReEmployment Toolkit

SBA’s Community Advantage Loan Program for Entrepreneurs and Small Business Owners

In keeping with February’s theme of entrepreneurship, below is information regarding the Small Business Administration’s (SBA) Community Advantage loan program for small business owners and entrepreneurs in traditionally underserved communities. Since they often face challenges gaining access to the capital they need to succeed, having this kind of resource available is often what separates a successful enterprise from one that struggles or fails.

Programs like Community Advantage can be a valuable tool to put in the Rapid Response toolkit. They can assist in layoff aversion and reemployment efforts.

Check out the information below and offer your comments and insight on how Community Advantage – or similar small business loan programs --  may – or have --come into play in your efforts to prevent layoffs or assist dislocated workers find new employment.

SBA’s Community Advantage:

Source and Details: Click Here

The Small Business Administration is introducing a new pilot loan program called ``Community Advantage'' to provide 7(a) loan guaranties to small businesses in underserved markets, including veterans and members of the military community.

The Community Advantage Pilot Program will allow mission oriented lenders, primarily non-profit financial intermediaries that are focused on economic development in underserved markets, access to 7(a) loan guaranties for loans of $250,000 or less.

The Community Advantage Pilot Program became effective on February 15, 2011, and will remain in effect through March 15, 2014. SBA began accepting applications from lenders for participation in the Community Advantage Pilot Program February 15, 2011.

SBA Press Release: Click Here

Community Advantage Participant Guide: Click Here

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