In a joint announcement today, Vice President Kamala Harris and SBA administrator Isabel Guzman signaled key changes to the loan program, initialized in during the Obama administration to help improve access to SBA programs, among community lending partners including Community Development Financial Institutions (CDFIs), Community Development Companies (CDCs), and micro-lenders.
Designed to meet the credit, management, and technical assistance needs of small businesses in underserved markets, the SBA’s Community Advantage pilot loan program was originally set to expire in September 2022. After today’s announcement, the program’s new sunset date is September 30, 2024.
