Many reporters and press have recently lauded the SBA’s decision to give exclusive access to the new PPP platform to lenders who serve underserved communities on Monday and Tuesday of next week.
This announcement by the SBA and headline will not come close to helping the needs of underserved communities. While the program will technically go live on Monday, applications are not out, and no lenders have had the chance to build their systems yet for the program.
The “early access” announcement does not do justice to the urgent need for education, mentorship, and guidance. The SBA, banks, and private industry must do everything possible to provide the help, resources, and knowledge so that underserved communities can understand the loan and grant options available to them.
Founder and CEO