My last column started something of a debate on LinkedIn, with several business owners expressing their disdain for SBA loans. Today, I want to respond.
Most small business owners have heard SBA horror stories of long, complicated bureaucratic loan processes that give them pause about considering an SBA loan. Some of these stories are true. But before you rule out the program as an option, I encourage you to take a deep breath.
In fiscal year 2024, 1,474 lenders made over 70,000 SBA 7(a) loans. Every one of those lenders has different credit policies and levels of experience and expertise with the SBA program. And every one of those borrowers comes to the table with a different story and level of financial health and sophistication. It would be a mistake to assume that your experience will be the same as your friend's experience. I have previously written about the “The Art of Picking The Right SBA Lender,” but I would emphasize that we always recommend working with an experienced SBA lender.
Read my full column on 21 Hats to learn more.
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