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Fintechs gain access to SBA lending program
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Banking, Emerging Technology, Government Oversight, Nonbank Financial
Friday, April 14, 2023
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The Small Business Administration announced it is ending a 40-year moratorium on admitting new non-bank lenders to its 7(a) lending program, opening up the agency’s flagship lending vehicle to fintech participants for the first time. The new rule will allow fintechs and other non-depository lenders to apply for a small business lending company license.
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