The recent announcement at the Opportunity Finance Network (OFN) annual conference revealed the U.S. Small Business Administration (SBA) has permanently instated the mission-lending Community Advantage Program. This follows the introduction of 143 Community Advantage Small Business Lending Companies (CA SBLCs), aimed at sustaining the mission of assisting underserved business sectors.
The Community Advantage Program, which began as a pilot initiative under the Obama-Biden administration, was set to conclude in 2022. However, recognizing the program’s importance in addressing capital barriers, especially faced by women, veterans, individuals of color, and businesses in rural and LMI (Low and Middle Income) communities, the current administration extended its lifespan. Now, with the impending sunset of the Pilot Program on October 31, 2023, the CA SBLCs will assume a permanent role in the SBA lending landscape.
