SBA names Arkansas Capital Corp. as new small business lending company licensee
by November 2, 2023 8:50 am 540 views
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Arkansas Capital Corporation was named by the U.S. Small Business Administration as one of three new Small Business Lending Company (SBLC) licensees, the first expansion of the SBLC program in 40 years.
The SBLC designation will now allow Arkansas Capital to expand SBA 7a lending services nationwide. Initially, the company will focus on the states bordering Arkansas that contain nearly 40% of all persistent poverty counties nationwide. Persistent poverty counties are those with 20 percent or more residents living in poverty consistently for 30 or more years.
Since 2019, more than half of Arkansas Capital’s SBA lending has gone to businesses based in persistent poverty counties.
“For over thirty years, we have used the SBA 7(a) program to support small businesses in underserved areas of Arkansas where accessing capital is uniquely cumbersome,” said Arkansas Capital CEO Sam Walls. “Arkansas Capital has bolstered regional economic development, but now with this SBLC license, we can widen our SBA 7(a) footprint as well, expanding our services to rural and poverty-stricken areas in the South to start. We are honored that the SBA chose Arkansas Capital as one of the three recipients of this license, and we look forward to working with the SBA in the years to come as we seek to break down barriers to accessing affordable, reliable capital.”
SBLC licensees can utilize government guarantees to borrowers in all 50 states when underwriting small business loans to reduce the level of risk to the lender and the cost to the borrower.
Small business owners interested in Arkansas Capital’s SBA financing options are encouraged to call 501-374-9247.