Non-federally chartered banks will soon be able to make Small Business Administration (SBA) loans.
Effective May 12, the agency is lifting the moratorium on licensing new Small Business Lending Companies (SBLCs), adding a new type of lending entity called a Community Advantage SBLC and removing the requirement for a loan authorization in the 7(a) and 504 loan programs, according to a final rule published Wednesday (April 12) in the Federal Register.
The 7(a) loan program provides SBA-guaranteed loans to small businesses.
The number of SBLC licenses has remained unchanged at 14 since 1982, so the only way for a new


