In an op-ed in American Banker the head of Funding Circle USA, Bernardo Martinez, calls on the U.S. Small Business Administration to do more to work with fintech lenders; the SBA 7(a) program is the largest conduit for capital to small business approving over 68,000 loans totaling more than $25 billion in 2017; it is an important government mechanism to drive growth in the economy but it needs to be brought into the 21st century; Martinez says, “Establishing a new relationship between the SBA and fintechs can help this program not only weather the inevitable next shutdown, but also expand and accomplish its mission more effectively.” Source.
