The Independent Bankers Association of America has registered a complaint with the Small Business Administration over the agency's new Fastrak loan program. Under the pilot, lenders are allowed to use their own documentation and procedures on loans of less than $100,000 in exchange for a reduced 50% guarantee from the SBA.

In a March 28 letter, Kenneth Guenther, the IBAA's executive vice president, told SBA administrator Philip Lader that 15 of the 18 lenders selected for the pilot rank among the nation's 30 largest banks. This, he said, was "inappropriate and unfair" to community banks.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.