Funding Circle, an online platform for small business loans, has been granted an SBLC license by the US Small Business Administration (SBA) to participate in its flagship 7(a) small business loan program. The decision is part of the Biden-Harris Administration's efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and the economy. Funding Circle is focusing on increasing access to capital at a lower cost for borrowers who are less likely to receive credit from traditional banks and predicting future loan performance more accurately than the conventional method to credit scoring. The SBA 7(a) program, which guarantees up to $36 billion a year in small business loans up to $5 million, currently sees participation from relatively few of the 11,000 banks and credit unions in the US. Funding Circle will begin offering SBA 7(a) Small Loans in 2024.