CDFI and MDI Participation in SBA Capital Programs Lender Survey

Attachment C – CDFI MDI Lender Survey and Consent Form

Evaluation of Community Development Financial Institution and Minority Depository Institution Lender Participation in SBA Capital Programs

Consent Form

The U.S. Small Business Administration (SBA) seeks to increase capital access to underserved and minority-owned small businesses by increasing the participation of Community Development Financial Institutions (CFDIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries in its lending programs.

The SBA has hired a small business research organization, Optimal Solutions Group LLC (Optimal), to evaluate CDFI and MDI lender participation in the SBA capital programs. This study will enhance the understanding of why some CDFIs and MDIs participate in SBA programs, but others do not. Ultimately, the results will provide suggestions for ways in which the SBA can increase access to its capital programs among businesses in underserved communities and thus reduce disparities in access to capital.

The survey is expected to take approximately 30 minutes to complete. Your participation is completely voluntary. You do not have to answer any questions that you do not want to answer, and you can stop participating at any time.  Your time and cooperation are greatly appreciated.  

Optimal will collect and store your responses on a secure server accessible to Optimal staff only. Any information you provide in this survey will be kept confidential. No respondent will be identified or named in any report or other publication. All survey responses will be presented as aggregated statistics in the form of averages, percentages, and frequency counts. All survey responses will be de-identified and then these data will be provided to the SBA. 

• If you have any questions about this evaluation, please contact Shay Meinzer from the SBA at (202) 539-1429 or shay.meinzer@sba.gov.

• If you have questions about your participation in this study or if you encounter any technical difficulties with the survey, please contact Optimal by phone at (301) 306-1170 Ext. 709, or via email at ourdapilleta@optimalsolutionsgroup.com or nbahel@optimalsolutionsgroup.com.

I hereby agree that I have read and understand all the information presented in this consent form. By checking "Yes", I freely and voluntarily agree to participate in this survey. 

• Yes 

• No 

[Survey Logic Note: IF NO, Display “You stated that you are not interested in providing information to evaluate the SBA capital programs. Are you sure you want to end the survey? Use the BACK button to return to the previous page and change your selection if you choose to provide feedback. Otherwise, select “End survey.” [END SURVEY if Respondent selects “End Survey”]

According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information (such as this survey) unless it displays a valid OMB control number. The control number for this information collection is 3245-0425 (Expires October 31, 2025). The time required to complete this survey is estimated to average 30 minutes (0.5 hours). Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to U.S. Small Business Administration, Director, Records Management Division, 409 3rd St., S.W., Washington, DC 20416 and Desk Officer for the Small Business Administration, Office of Management and Budget, New Executive Building, Room 10202, Washington, DC 20503.

Part I – Organizational Characteristics

1. What is your organization type? Select all that apply.¹ [Required]

• CDFI

• MDI

1a. Is your organization eligible for the 7(a) Community Advantage Program? [Required]

• Yes

• No

• Do not know

1b. Is your organization federally regulated (e.g., FDIC or NCUA²)?

• Yes

• No

• Do not know

2. What have been your lending activities in the last five years? Select all that apply [Required]

• For-Profit Small Business Finance

• Non-Profit Small Business Finance

• Micro-Lending (business)

• Commercial Real Estate

• Residential Mortgages

• (Nonprofit) Community Facilities

• Consumer Lending

• Other [specify]: (text box)

[Survey Logic Note: SKIP OUT OF THE SURVEY IF CHOICES “For-Profit Small Business Finance", "Non-Profit Small Business Finance", or "Micro-Lending (business)" ARE NOT SELECTED]

[Survey Logic Note: SCREEN DISPLAY IF RESPONDENT DOES NOT SELECT “For-Profit Small Business Finance,” “Non-Profit Small Business Finance,” or “Micro-Lending” in Q2]: “You stated that your organization does not provide small business finance or business micro-lending. Are you sure you want to end and submit the survey? If not, use the back button to return to the previous page and change your answers. If yes, select “End survey.” END SURVEY if Respondent selects “End Survey”]

3. Did you participate as a lender in the federal Paycheck Protection Program (PPP)?

• Yes

• No

• Do not know

Part II – Current Involvement in SBA programs and tools

[Survey Logic Note: For Q’s 4, 5, and 6:

If Q1 = CDFI selected, THEN display all four loan programs (7(a) Loan Program, 7(a) Community Advantage Program, Microloan Program, and 504 / CDC Program and Lender Match tool

If Q1 = MDI selected and CDFI not selected THEN display 7(a) and 504/CDC, and Lender Match tool]

4. How would you rate your current knowledge of the following SBA capital programs and the Lender Match tool? [Required]

	None	A little	Somewhat	Quite a bit	A great deal
7(a) Loan Program
7(a) Community Advantage program
Microloan Program
504 / CDC Program
Lender Match

5. Are you participating in any of the following SBA program(s) or tool, and if so, for how long have you been involved? (Please check all that apply.) [Required]

	Yes	No	Do not know
7(a) Loan Program
(Survey Logic Note: If yes) Since year: _______
7(a) Community Advantage program
(Survey Logic Note: If yes) Since year: _______
Microloan Program
(Survey Logic Note: If yes) Since year: _______
504 / CDC Program
(Survey Logic Note: If yes) Since year: _______
Lender Match
(Survey Logic Note: If yes) Since year: _______

6. Are you interested in participating in any of the following SBA programs or tool? Please check all that apply. [Required]

[Survey Logic Note: DISPLAY [Program] IF Q5=NO or “Do not know”]

	Yes	No	Do not know
7(a) Loan Program
7(a) Community Advantage program
Microloan Program
504 / CDC Program
Lender Match

[Survey Logic Note: IF Q4=NONE FOR ALL, AND Q5=NO OR DO NOT KNOW FOR ALL, AND Q6=NO OR DO NOT KNOW FOR ALL, THEN SKIP OUT OF THE SURVEY. SCREEN DISPLAY: “You stated that your organization is not knowledgeable of, does not participate in, and is not interested in participating in the SBA programs or the lender match tool. If those responses are not correct, use the BACK button below to return to the previous page and change your answers to the questions about your knowledge, participation, or interest in participation. Otherwise, select “End survey.” [END SURVEY if Respondent selects “End Survey.”]

Part III – Attractors for participation in SBA programs and tools

The next three sections will ask you about your organization's perceived attractors, facilitators, and barriers regarding the SBA's loan programs and the Lender Match tool. They will also ask you about possible courses of action on the part of the SBA, to which we request that you respond in as much detail as possible.

The following questions focus on program attractors, that is, factors/features that draw lenders to the SBA loan programs and the Lender Match tool.

7. Are there any factors/features that make the SBA programs attractive to you as an organization? [Required]

   • Yes

   • No

   • Do not know

8. [Survey Logic Note: IF YES TO Q7] What factors/features make each of the four SBA programs attractive to you as an organization? Please check all that apply. If the program is not relevant to your organization or you do not have knowledge about it, please leave the column empty.

	7(a)	7(a) Community Advantage	Microloan	504 / CDC
Ability to serve higher-risk borrowers
Ability to provide larger loans than usual
Ability to charge higher origination fees
Better able to compete for borrowers
Opportunity to expand market
Capital liquidity (through partial loan sale, for example)
Standardization of business loan
Follow stricter underwriting / collateral requirements
Potential to collaborate with other lenders
SBA provides technical assistance to lenders
Mitigation of lending risk
Community Reinvestment Act (CRA) obligations
Peer lenders’ success with program
SBA loans have better terms than other federal agencies
Other specify 1: (text box)
Other specify 2: (text box)
Other specify 3: (text box)

8a. [Survey Logic Note: IF YES TO Q7] Please describe in detail (the more information the better) the main attractor for each capital program selected above. The SBA is looking for details to enhance the attractive features of the programs. [Required]³

• Please describe the attractors: [Open-ended response]

• None

• Do not know

• Refuse to respond

9. Are there any factors/features that make the Lender Match tool attractive to you as an organization? [Required]

   • Yes

   • No

   • Do not know

9a. [Survey Logic Note: IF YES TO Q9] What factors make the Lender Match tool attractive to you as an organization? [Required]

• Please describe the attractors: [Open-ended response]

• None

• Do not know

• Refuse to respond

Part IV – Facilitators for participation in SBA programs and tools

The following questions focus on program facilitators, that is, processes, features, or actions on the part of the SBA that make it easier, more likely, or more efficient for lenders to participate in the SBA’s loan programs. Note, we will ask about SBA barriers (either programmatic or on the administration of the program) in the next survey section.

10. Are there any process, features, or actions on the part of the SBA that make your organization’s involvement in the SBA’s loan program(s) easier and/or more efficient? [Required]

    • Yes

    • No

    • Do not know

11. [Survey Logic Note: IF YES TO Q10] What processes, features, or actions on the part of the SBA make your involvement in the SBA program(s) easier and/or more efficient? Please check all that apply. If the program is not relevant to your organization or you do not have knowledge about it, leave the column empty.

	7(a)	7(a) Community Advantage	Microloan	504 / CDC
On-line program descriptions & requirements
On-line listing of participating lenders
Connecting prospective borrowers to lenders
Availability of local district officials
Standardized financial forms
Clear program eligibility requirements
Standardized online system for documentation of reporting requirements
Availability of SBA technical assistance / information sharing
Collaboration with SBA District Offices
SBA’s social media presence
Direct communication with SBA loan officers
Other specify 1: (text box)
Other specify 2: (text box)
Other specify 3: (text box)

11a. [Survey Logic Note: IF YES TO Q10] Please describe in detail (the more information the better) how the actions on the part of the SBA make your involvement in the [program] easier and/or more efficient. The SBA is looking for details to enhance the facilitators of this program. [Required]

• Please describe the facilitators: [Open-ended response]

• None

• Do not know

• Refuse to respond

12. Are there any processes, features, or actions on the part of the SBA that make your involvement in the Lender Match tool easier and/or more efficient? [Required]

    • Yes

    • No

    • Do not know

12a. [Survey Logic Note: IF YES TO Q12] What processes, features, or actions on the part of the SBA make your involvement in the Lender Match tool easier and/or more efficient? [Required]

• Please describe the processes, features, or actions: [Open-ended response]

• None

• Do not know

• Refuse to respond

Part V – Barriers for participation in SBA programs and tools

The following questions focus on program barriers (SBA programmatic and administrative), that is, processes, factors, or actions on the part of the SBA that make lender participation more complicated, more difficult, or less likely to participate.

Barriers due to programmatic rules or regulations

13. Are there any programmatic rules or regulations (e.g., eligibility, compliance, reporting, or fees) that hinder or limit your involvement in the SBA program(s)? [Required]

    • Yes

    • No

    • Do not know

14. [Survey Logic Note: IF YES TO Q13] What programmatic rules or regulations hinder or limit your involvement in the SBA program(s)? Please check all that apply. If the program is not relevant to your organization or you do not have knowledge about it, please leave the column empty.

	7(a)	7(a) Community Advantage	Microloan	504 / CDC
Limited awareness of program requirements
Difficulty finding qualified borrowers
Credit scoring model disqualifies borrowers
Underwriting / collateral requirements too rigid
Long turnaround time for the closing process
Burdensome compliance requirements (e.g., loan / borrower eligibility, amount of reserves required
Burdensome reporting requirements
Burdensome administrative complexities
High cost of administering the program
High lender program fees
High fees on borrowers
Incompatibility with CDFI certification or program requirements
Uncertainty about the program’s permanence
Other specify 1: (text box)
Other specify 2: (text box)
Other specify 3: (text box)

14a. [Survey Logic Note: IF YES TO Q13] What changes, if any, should the SBA take to mitigate the most significant programmatic rules or regulations barrier identified above? Please describe in as much detail as possible. The more information you provide the better the SBA can develop potential solutions: [Required]

• Please describe the most significant barrier: [Open-ended response]

• None

• Do not know

• Refuse to respond

15. Are there any programmatic rules or regulations that hinder or limit your involvement in the Lender Match tool? [Required]

    • Yes

    • No

    • Do not know

15a. [Survey Logic Note: IF YES TO Q15] What programmatic rules or regulations hinder or limit your involvement in the Lender Match tool? [Required]

• Please describe the programmatic rules or regulations: [Open-ended response]

• None

• Do not know

• Refuse to respond

Barriers due to the administration of the SBA programs and tools

16. Are there any processes, factors, or actions associated with the SBA’s administration of the programs (e.g., communication, technical assistance, application process) that hinder or limit your involvement in the SBA program(s)? [Required]

    • Yes

    • No

    • Do not know

17. [Survey Logic Note: IF YES TO Q16] What processes, factors, or actions associated with the SBA’s administration of the programs hinder or limit your involvement in the SBA’s capital program(s)? Please check all that apply. If the program is not relevant to your organization or you do not have knowledge about it, leave the column empty.

	7(a)	7(a) Community Advantage	Microloan	504 / CDC
Insufficient communication with the SBA
Insufficient training or technical assistance from the SBA
Insufficient coordination among SBA district offices and headquarters
Burdensome application process
Insufficient application assistance from SBA
Timeliness of the SBA approval decisions
Other specify 1: (text box)
Other specify 2: (text box)
Other specify 3: (text box)

17a. [Survey Logic Note: IF YES TO Q16] What processes, factors, or actions, if any, should the SBA take to mitigate the most challenging program administration issue? Please describe in detail your recommendation to mitigate it. The more information you provide the better the SBA can develop potential solutions. [Required]

• Please describe the administrative processes, factors, or actions: [Open-ended response]

• None

• Do not know

• Refuse to respond

18. Are there any SBA’s processes, factors, or actions on the administration of the Lender Match tool that hinders or limits your involvement?

    • Yes

    • No

    • Do not know

18a. [Survey Logic Note: IF YES TO Q18] What SBA’s processes, factors, or actions on the administration of the Lender Match tool hinders or limits your involvement? [Required]

• Please describe the administrative processes, factors, or actions: [Open-ended response]

• None

• Do not know

• Refuse to respond

Internal lender factors that hinder participation in SBA programs and tools

The following questions focus on the lender organizational barriers, that is, processes or circumstances in your organization that make it more complicated, more difficult, or less efficient for your organization to participate in the SBA’s capital programs.

As a reminder, any information you provide in this survey will be kept strictly confidential. No respondent will be identified or named in any report or other publication. The information you shared with us will allow the SBA to better understand programmatic and institutional context for servicing underserved markets.

19. Are there any internal (lender) organizational factors (e.g., staff, budget, or volume of loans) that have hindered or limited your involvement in the SBA program(s)? [Required]

    • Yes

    • No

    • Do not know

20. [Survey Logic Note: IF YES TO Q19] What internal factors hinder or limit your involvement in the SBA program(s)? Check all that apply. If the program is not relevant to your organization or you do not have knowledge about it, leave the column empty.

	7(a)	7(a) Community Advantage	Microloan	504 / CDC
Insufficient staff
Insufficient budget
High risk of default on SBA-eligible loans
No specific Community Reinvestment Act (CRA) participation benefits
We don’t make enough loans
Our loans are too small
Our loans don’t meet the SBA standards
Other specify 1: (text box)
Other specify 2: (text box)
Other specify 3: (text box)

20a. [Survey Logic Note: IF YES TO Q19] What actions, if any, could the SBA take to mitigate the most challenging internal (organizational) barriers/issues as identified above. Please list the program, barrier and describe in detail your recommendation to mitigate it. [Required]

• Please describe the actions: [Open-ended response]

• None

• Do not know

• Refuse to respond

21. Are there any internal factors that hinder or limit your involvement in the Lender Match tool? [Required]

    • Yes

    • No

    • Do not know

21a. [Survey Logic Note: IF YES TO Q21] What internal factors hinder or limit your involvement in the Lender Match tool? [Required]

• Please describe the internal factors: [Open-ended response]

• None

• Do not know

• Refuse to respond

Part VI – Implications for underserved small business markets

[Survey Logic Note: IF Q13=NO OR DO NOT KNOW, Q15=NO OR DO NOT KNOW, Q16=NO OR DO NOT KNOW, AND Q18=NO OR DO NOT KNOW (NO PROGRAMMATIC OR ADMINISTRATION BARRIERS REPORTED); OR NONE OF THE PROGRAMMATIC OR ADMINISTRATION BARRIERS WERE SELECTED IN Q14, Q17, THEN ASK Q24 ONLY; OTHERWISE GO TO Q22]

[Survey Logic Note: display Q22 based on the programs with programmatic or administration barriers selected in Q14, Q15, Q17, Q18]

22. Which SBA program or tool, for which you reported SBA programmatic or administration barriers for participating in, has the most potential for your organization to increase its total loan value? (select one) [Required]

• 7(a) Loan Program

• 7(a) Community Advantage Program

• Microloan Program

• 504 / CDC Program

• Lender Match

• None (ASK Q24 ONLY)

• Do not know (ASK Q24 ONLY)

23. [Survey Logic Note: if Q22 ≠ None or Do not know] What barrier or factor hinders or limits your involvement the most in the [Survey logic note: program selected in Q22]? [Required, only if Q22 ≠ None or Do not know]

• Please describe the barrier or factor: [Open-ended response]

• None

• Do not know

• Refuse to respond

24. Considering your organization’s overall small business lending activities⁴ in 2022, what is the approximate size of your organization’s portfolio? If you don’t have the exact number, please provide your best estimate.

• Total number of small business loans:

• Total dollar amount of small business loans:

• Total dollar amount of your organization’s lending portfolio:

25. [Survey Logic Note: if Q22 ≠ None or Do not know] If all SBA related barriers for the “[Survey logic note: program selected in Q22]” were resolved, what would be the change in the small business loans that your organization could close in one year.

	No change	Slight increase	Moderate increase	Substantial increase	Do not know
Change in number of small business loans
Change in total dollar of small business loans

26. [Survey Logic Note: if Q22 ≠ None or Do not know] Which of the following organizations (other than the SBA) could help you the most to address the issues and barriers for the [Survey logic note: program selected in Q22]? Select one.

• None

• Do not know

• SBA resource partners (e.g., SBDCs, SCORE, VBOCs, WBCs⁵)

• Other lender organizations

• Public sector agencies

• Foundations and nonprofit organizations

• Business associations

• Other, specify

27. [Survey Logic Note: if not “None”, “Do not know” to Q26] Please explain how [answer to Q26, including text from other, specify] could help mitigate the issues and barriers you discussed above, so your organization can increase the use of the [Survey logic note: program listed in Q22].

• Please explain: [Open-ended response]

• None

• Do not know

• Refuse to respond

Part VII – 7(a) Community Advantage - March 2022 Notice

[Survey Logic Note: display Q28-Q33 If Q1a = Yes (eligible for the 7(a) Community Advantage Program)]

The March 2022 Notice extends the 7(a) Community Advantage program through September 30, 2024, removes the temporary moratorium on the SBA’s acceptance of new 7(a) Community Advantage Lender Applications, and offers additional lender flexibilities. These 7(a) Community Advantage program changes provide non-federally regulated CDFIs the opportunity to add 7(a) Community Advantage to its capital offerings.

28. Are you aware that the 7(a) Community Advantage program has been extended through September 2024 and that the SBA is accepting new lender applications in the program?

• Yes

• No

29. The SBA has provided additional lender flexibility in the 7(a) Community Advantage program since March 2022. Are you aware of these changes?

• Yes

• No

30. [Survey Logic Note: If Q28 or Q29 = Yes] Do you have any comments or feedback about the March 2022 7(a) Community Advantage program changes? [Required]

• Please explain: [Open-ended response]

• None

• Do not know

• Refuse to answer

1. [Survey Logic Note: IF YES in Q29] Which of the March 2022 changes in lender flexibility were most relevant for your organization and why? [Required]

   • Please explain: [Open-ended response]

   • None

   • Do not know

   • Refuse to respond

32. Do you have any additional comments or feedback about the March 2022 changes to lender flexibility? [Required]

    • Please explain: [Open-ended response]

    • None

    • Do not know

    • Refuse to respond

33. [Survey Logic Note: If Q28 or Q29 = Yes] As a result of these changes, would your organization be more likely to participate or increase participation in the 7(a) Community Advantage program?

    • Yes

    • No

    • Do not know

Part VIII – Suggestions on Program Design, Communications, Outreach

34. Do you have any suggestions for new forms of or improvements to SBA communications (e.g., marketing/media materials) that would help lenders grow the use of SBA capital programs and reduce disparities in access and use of credit? [Required]

• Please describe your suggestions: [Open-ended response]

• None

• Do not know

35. Do you have any suggestions or recommendations for new forms of or improvements in SBA outreach (e.g., networking sessions or direct district office outreach) that would help lenders grow the use of SBA capital programs and reduce disparities in access and use of credit? [Required]

• Please describe your suggestions: [Open-ended response]

• None

• Do not know

End of Survey Thank You Message

Thank you for taking the time to complete this lender survey. Your responses have been recorded.

The information you provided here is very valuable to the SBA in assisting its mission to improve access to necessary capital amongst underserved and minority-owned small businesses.

1 This question will have a hover-over text box for both response options to increase clarity. CDFI will be defined as, “A CDFI (or Community Development Financial Institution) can be a bank, a credit union, a loan fund, a microloan fund, or a venture capital provider. CDFIs are helping families finance their first homes, supporting community residents starting businesses, and investing in local health centers, schools, or community centers.” MDI will be defined as, “An MDI (or Minority Depository Institution) may be a federal insured depository institution for which (1) 51 percent or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership.”

2 This question will have a hover-over text box to expand the acronyms seen in the question. Here, FDIC will be listed as “Federal Deposit Insurance Corporation” and NCUA will be listed as “National Credit Union Administration.”

3 For the purposes of this survey, the “none” response option can be interpreted as that the lender does not have any attractors, barriers, facilitators etc., the “do not know” response option can be interpreted as that the lender is not aware of any attractors, barriers, facilitators etc., and finally, the “refuse to respond” response option can be interpreted as that the lender is aware of attractors, barriers, facilitators etc., but prefers not to say. This logic is applied to all questions in which these response options appear throughout the survey.

4 Hoover box: For-Profit Small Business Finance, Non-Profit Small Business Finance, and/or Micro-Lending.

5 There will be a hover-over text box for each of these acronyms to ensure clarity. Here, SBDC will be listed as “Small Business Development Center”, SCORE will be listed as “Service Corps of Retired Executives”, VBOCs will be listed as “Veteran Business Outreach Center”, and WBCs will be listed as “Women’s Business Centers.”

24