Free DUNS Numbers for Government Lenders
On January 10, the National Association of Government Guaranteed Lenders (NAGGL) reported that the SBA had reversed the policy that made DUNS numbers a mandatory requirement to get a credit score on 7(a) loans of $350,000 and under. The new policy, that will be reflected in the technical corrections, due out within the next few weeks, is that a DUNS number is required if it is available. However, if no DUNS number is available, the lender can proceed with credit scoring.
Lenders need to understand, that in an extreme minority of cases, when a business is so new that there is insufficient credit data from which the SBA can generate a credit score, a DUNS number will be necessary prior to generating the credit score via E-Tran.
Borrowers can request and receive a DUNS with a 24-hour turnaround time. SBA has provided the link to the D&B website to which lenders can refer their borrowers. Do not be confused by the text on the D&B web page which reads, "Welcome to the D&B D-U-N-S Request Service for US Federal Government Contractors and Grantees." This is the correct locationfor borrowers seeking a 7(a) loan to visit and request a DUNS number. DUNS Number assignment is FREE for all businesses required to register with the US Federal government for contracts or grants.