AltCap approved as SBA Community Advantage Lender for Missouri, Kansas
The U.S. Small Business Administration (SBA) has approved AltCap as a Community Advantage Pilot Loan Program lender authorized to make loans to borrowers located in Missouri and Kansas.
As a Community Advantage Lender, AltCap bolsters its mission of strengthening underserved communities through accessible small business lending. This program enables mission- and impact-driven lenders like AltCap to provide partially-guaranteed loans to new businesses, firms in low- to moderate-income communities, and companies with most of their workforces living in low-income census tracts.
Community Advantage is specifically designed to support loans for small businesses in underserved markets. Like AltCap, the SBA is committed to expanding access to capital for small businesses and entrepreneurs in underserved communities to drive economic growth and job creation.
An SBA Community Advantage loan is a small-business loan that is partially guaranteed by the SBA and issued by participating mission-focused lenders. These loans offer competitive interest rates and repayment terms and tend to have more flexible qualification requirements than other SBA loans.
AltCap Community Advantage loans will be available in amounts up to $250,000 and can be used for a range of purposes, including real estate purchases, business expansions or renovations, equipment purchases, and working capital.
With an active secondary market for loans backed by the SBA, AltCap will also be able to sell the guaranteed portion of a Community Advantage loan, increasing its liquidity and enabling it to issue more loans and recirculate its capital to more underserved communities and entrepreneurs.
"We are excited to be approved as an SBA Community Advantage Pilot Loan Program lender for Missouri and Kansas," said Carmen Lopez-Murguia, Vice President of Lending and Client Services at AltCap. "This approval will allow us to continue our mission of increasing access to capital for small businesses and entrepreneurs in underserved communities. We look forward to working with the SBA to help businesses grow and create jobs in Missouri and Kansas."
Community Advantage loans are part of the SBA pilot loan program and are available only for a limited time. For more information about AltCap and its loan products, visit altcap.org.
