The Small Business Administration has introduced a new online credit scoring tool that can be used for most of its small business loans of $350,000 or less.

The tool uses the FICO Small Business Scoring Service to help automate credit analysis, making the smallest SBA loans easier and more cost-effective for lenders to do.

It also should help make the underwriting process more objective and result in consistent credit decisions by lenders, the SBA says.

Lenders can use the tool for all 7(a) loans of $350,000 or less, excluding SBAExpress and Export Express.

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