American Lending Center (ALC) has been officially certified by the U.S. Small Business Administration (SBA) as a participant in the 7(a) Guaranteed Loan Program, recognized as a Non-Federally Regulated Lender (NFRL).
“This certification is incredibly exciting for us,” said John Shen, ALC’s founder and CEO. “The 7(a) loan program provides a powerful new tool to support businesses and create jobs, especially in underserved communities.”
With this certification, ALC is now authorized to issue loans that are guaranteed by the SBA. The 7(a) Loan Program is the SBA’s primary initiative for helping startups and small businesses secure financing when traditional lending options may not be available.
“This opens up new opportunities for us to assist many small businesses across California,” Shen added. “Not only does this support our economy and job creation, but it also helps make dreams a reality.”
Under the 7(a) Loan Program, the SBA and the lender share the risk of loan default. ALC will handle the origination, underwriting, and closing of these loans, which can be used for a variety of business needs, including operating capital, equipment purchases, property acquisitions, and improvements.
“The process to become an NFRL is both complex and time-consuming,” said Scott Thompson, ALC’s Chief Lending Officer. “We are proud to have met all SBA requirements and to offer this valuable financing option.”
The SBA’s review process involved an assessment of ALC’s internal control policies, lending practices, organizational structure, capitalization, management, and business plan.
Headquartered in Irvine, California, ALC is a non-bank, mission-driven lending institution that has supported small business owners and entrepreneurs since 2010.
“We’re thrilled about this certification because it enhances our ability to help businesses succeed and generate jobs in underserved areas,” Shen said. “That’s the core of our mission.”
For more details, visit americanlendingcenter.com.
About American Lending Center:
Recognized as one of the Financial Times (FT) Americas’ Fastest Growing Companies, American Lending Center (ALC) is a mission-based non-bank lending institution known for its leadership in job-creation lending. Since its founding in 2009, ALC has provided over $1.65 billion in loans and investments to thousands of companies, helping them grow and prosper.
During the COVID-19 pandemic, ALC participated in the Paycheck Protection Program (PPP), assisting nearly 30,000 companies across all 50 states and Washington, DC. To date, ALC has helped create and/or retain more than 100,000 jobs. Follow American Lending Center on LinkedIn, Facebook, and Twitter.
