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The Small Business Administration (SBA) Friday announced the launch of its online tool for small businesses and non-profits to find Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other smaller asset-size lenders offering loans through the paycheck protection program (PPP).

The "Lender Match" tool is designed for small businesses impacted by the coronavirus pandemic – that have not yet applied for or received an approved PPP loan – to connect with smaller lenders, including credit unions. The system will send leads to CDFIs and lenders with less than $10 billion in assets through June 30, after which it will be open to all participating SBA lenders.

"The SBA is focused on assisting eligible borrowers in underserved and disadvantaged communities and connecting them with forgivable PPP loans, especially before the June 30, 2020, application deadline," said SBA Administrator Jovita Carranza. "As communities begin to carefully reopen across the country, there are still many more opportunities to provide this assistance to businesses who have yet to access these forgivable loans. SBA is utilizing these partnerships with CDFIs, MDIs, CDCs, Farm Credit System lenders, Microlenders and many other participating small asset lenders to ensure that access to this emergency funding reaches the most small businesses and their employees in need – a key priority for President Trump."

With just over $129 billion of PPP funds remaining as of June 12, the SBA asked lenders to focus on underserved areas before the program sunsets June 30.

Program stakeholders have focused recent efforts on the loan forgiveness process, including NAFCU which is in constant contact with the SBA and Congress to share credit unions' perspective on the PPP. The SBA and Treasury last week released a revised, borrower-friendly PPP loan forgiveness application and an EZ version of the forgiveness application for borrowers that meet certain criteria.

Additional insights on NAFCU's efforts to obtain relief, resources, and guidance for credit unions lending through the PPP are detailed in a new post on NAFCU's member-only Compliance, BSA & Risk Network.