Tips for Selecting the Right SBA Lending Partner
As a small business owner, there will likely come a time when you will need financing to expand.The SBA loan process can seem intimidating, but it all starts with choosing the right lending partner. Working with the right lender can make all the difference and can alleviate stress and headaches from what can be an arduous process.
You want to select someone who will understand your business and consider your current needs as well as your long-term goals. Choosing the right lending partner is one of the best ways to set your business up for success.
We have compiled guidelines to help you identify the right SBA lending partner to meet your needs.
- Choose an SBA Preferred LenderPreferred Lenders earn this status due to their proven track record to comply with the SBA’s regulations. By choosing to work with an SBA Preferred Lender, you will experience a more efficient and streamlined process. PLP delegation gives the bank authority to make the final credit decision. Since loans do not have to be submitted to the SBA for approval, the loan process moves much faster.
- Experienced SBA TeamHaving a seasoned and dedicated team that is solely focused on SBA financing will make a significant difference as you navigate through the process. Understanding the intricacies of SBA lending is important to ensure that things go smoothly, and your loan is compliant with the SBA’s requirements.
- Personalized Customer ServiceEvery small business has its own unique challenges, needs and growth opportunities; therefore, it is important to identify a lender who is willing to devote the time to fully understand your business and can structure a loan to meet your needs. Especially if you are seeking SBA financing for the first time, you are going to need some guidance. Choose to work with someone whom you feel can properly advise you and you can trust to look out for your best interest.
Our internal team is comprised of knowledgeable SBA lenders who can partner with you to achieve your goals. We provide information and advice to help you determine the best options for your business. We’re not just another bank; we’re a strategic partner in your business’ success.
Ready to get started? Contact a small business banker today.
About the Author, Laura Kepley: With 17 years of sales and marketing expertise in the banking industry and over a decade in SBA experience, Laura is knowledgeable at helping small business owners identify opportunities to fulfill their dreams of ownership and grow the business over time. Her process involves developing a personal relationship with each client and going beyond the numbers to support their larger vision to grow their business.