A Small Business Association pilot program that offers a new line of credit with greater flexibility than a long-term loan was announced on June 6th <Link>. The article below explains the intent and we’ve included a link to the most recent SBA information. The pilot is touted as engineered to meet the needs of modern small businesses.
Sources:
- White House launches Working Capital Pilot Program for Small Business, PYMNT, June 6, 2024. Link.
- 7(a) Working Capital Pilot program, SBA, July 23, 2024. Link.
“Lines of credit are the most flexible and affordable way for businesses to manage their working capital needs. With a line of credit, interest is only charged when the loan is in use, making it the most efficient way to access working capital.”