With traditional employment losing popularity and the increased interest in entrepreneurship, more people take the leap to start a small business. However, low-dollar loans have not been easy to obtain, especially in underserved communities. Not until now. While small business owners still have to meet loan qualifying criteria, the government has made some key changes to the loan application and approval process, which will streamline some of the requirements banks use to grant SBA-backed loans.
Here are the changes you should know as a small business owner: