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Nebraska Ag News Headlines |
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Enterprise Fund State's First SBA Community Advantage Lender
Nebraska Ag Connection - 11/22/2017
The Nebraska Enterprise Fund (NEF) has become Nebraska's first Community Advantage Lender of the US Small Business Administration (SBA) in Nebraska.
Community Advantage is a pilot loan program introduced by the SBA to meet the credit, management, and technical assistance needs of small businesses in underserved markets. The program's goals are to increase access to credit for small businesses located
in underserved areas, expand points of access to the SBA 7(a) loan program by allowing non-traditional, mission-oriented lenders to participate, to provide management and technical assistance to small businesses as needed, and to manage portfolio risk.
Community Advantage loans provide financing up to $250,000 and follow the same guaranty and terms as a 7(a) loan. The Community Advantage program is currently scheduled to last through March 31st, 2020.
"With Nebraska Enterprise Fund becoming a Community Advantage Lender, this opens up additional opportunities to fund projects that exceed a bank's risk and the capacity of micro lenders. This welcomed designation adds additional capacity to fund small
businesses in Nebraska," says Leon Milobar, district director, SBA Nebraska District Office.
The Nebraska Enterprise Fund is the premier Nebraska small business Community Development Finance Institution providing business development services and financing to micro and small businesses across the state. NEF is also a network partner of the
SBA's Microloan Program which enables NEF to make loans (loans of $50,000 or less) to small business borrowers. NEF has over $11M in assets and focuses statewide both in urban and local areas. In addition to SBA, NEF partners with USDA, CDFI and
banking institutions. NEF envisions a Nebraska where every small and micro business owner has the opportunity and resources to realize their potential. They reach viable entrepreneurs in collaboration with the banking sector or when a business is feasible, but
not yet fully bankable.
"The Nebraska Enterprise Fund (NEF) looks forward to participating in the SBA's Community Advantage program. This will give NEF additional tools and products that it is able to make available to traditionally underserved and distressed areas of Nebraska.
This is a key development as NEF grows and expands." says Jim Reiff, NEF's executive director.
For more information about the Nebraska Enterprise Fund and their services, go to www.nebbiz.org.
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