The impending suspension of SBA 7(a) loans poses an additional challenge for borrowers trying to secure financing for new businesses. Lucky for these borrowers, BoeFly, the online marketplace for small business lending, has already secured the participation of a bridge lender for the duration of the SBA 7(a) suspension. BoeFly’s bridge lender, Peak Group LLC, specializes in meeting the financing needs of small business borrowers and will be accepting loan applications exclusively through BoeFly.
“Unfortunately, until October 1st, no new SBA 7(a) loans can be made and that’s where Peak Group comes in to fill the gap and get these loans bridge funded until they can close with the SBA,” said Alvin J. Sarter, co-founder of Peak Group and a BoeFly board member. “Peak intends to solve this temporary gap in the SBA’s funding ability with the least amount of disruption to the small business seeking access to capital.”
Peak Group LLC has developed a product for borrowers specifically affected by the SBA 7(a) loan suspension. This product, the SBA Shutdown Bridge Loan, ensures that borrowers currently waiting for SBA 7(a) funding will receive a bridge loan immediately following the issuance of Peak’s commitment.
“The looming shutdown presents challenges for business owners; to address this we’ve established a pre-shutdown queue so business owners with current financial needs can enjoy the peace of mind that comes with knowing that their credit needs won’t be left to the whim of our politicians,” said Mike Rozman, CEO of BoeFly.
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