American Lending Center received notice today that the U.S. Small Business Administration has certified ALC as a participant in the 7(a) Guaranteed Loan Program as a Non-Federally Regulated Lender (NFRL).

This certification means that ALC can issue loans that are guaranteed through the SBA. The 7(a) Loan Program is the SBA’s primary program to help startup and small businesses obtain financing when they might not be eligible for loans through normal lending channels.

“This certification opens the door for us at ALC to help many Californian small businesses get the capital they need to succeed,” said John Shen, ALC’s founder and CEO. “That not only helps our economy and creates jobs, it literally helps dreams come true.”

The SBA does not fully guarantee 7(a) loans – the lender and the SBA share the risk that a borrower may not be able to repay the loan in full. ALC is responsible for originating, underwriting and closing the loan, which can be used for a range of general business needs. Those include operating capital, equipment purchases, property purchases and improvements, and more.

“The NFRL application process is complex and time consuming,” Scott Thompson, ALC Chief Lending Officer, said. “We’re pleased that we were able to meet all of the SBA requirements to be able to provide this great financing approach.”

According to the SBA, the application review included review of internal control policies, lending policies and procedures, disclosure of the organization structure and capitalization, and a review of management structure and business plan.

ALC is a non-bank mission-based lending institution headquartered in Irvine, Calif., providing financing and support to small business owners and entrepreneurs since 2010.

“I’m particularly excited about this announcement because the 7(a) loan program gives us another great tool to help businesses succeed and create jobs in underserved communities,” Shen said. “That’s what we are here to do.”

For more information, go to americanlendingcenter.com.

About American Lending Center: A Financial Times (FT) Americas’ Fastest Growing Company

American Lending Center (ALC) is a mission based non-bank lending institution nationally recognized as a leader in job-creation lending. Since its inception in 2009, ALC has proudly provided over $1.65 billion in loans and investments to thousands of companies of all sizes, empowering them to grow and thrive.

During the COVID years, ALC participated in the Paycheck Protection Program (PPP) and provided direct assistance to nearly 30,000 companies in all 50 states, and Washington, DC. Through the years, ALC has helped create and/or retain more than 100,000 jobs. Follow American Lending Center on LinkedIn, Facebook, and Twitter.

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