In an exciting development, the Small Business Administration (SBA) recently announced its new pilot program, the 7(a) Working Capital Pilot (WCP) Program. This initiative aims to provide enhanced support for small businesses, and has garnered significant attention, including coverage on CNBC.
The WCP Program introduces several key features:
- Participating 7(a) lenders can now offer both asset-based and transaction-based working capital lines of credit.
- The maximum loan size is set at $5 million, with proceeds available for both domestic and international transactions.
- Permissible interest rates for the program will range from prime plus 3% to 6.5%.
Reg Byrd, President of SBA and Bank Financing at Benetrends Financial, expressed strong support for the new program. “At Benetrends, we are thrilled to see the SBA’s continued commitment to empowering small businesses. The 7(a) Working Capital Pilot Program aligns perfectly with our mission to provide innovative funding solutions that help entrepreneurs achieve their dreams,” said Byrd.
Byrd added, “Our team at Benetrends Financial remains dedicated to being the top-notch, educated SBA lending partner our client’s trust. We are fully prepared to support small business owners through this new program, ensuring they have access to the capital they need to thrive.”
As always, Benetrends Financial is at the forefront of helping entrepreneurs navigate the complexities of SBA lending. With our comprehensive expertise and unwavering commitment to client success, we are here to guide you every step of the way.
For more information on how Benetrends Financial can help you leverage the new 7(a) Working Capital Pilot Program, contact us today.
Benetrends.com