What Makes a Good SBA Lender? (2024)
Choosing the right SBA lender can make or break your business loan experience. Discover why expertise and attention to detail are crucial for navigating the complex SBA process—and how the right lender saves time and money.
Table of Contents:
Introduction
Short Answer: Attention to Detail. Longer Answer: The SBA program is a wonderful program that was started in 1953 to ensure small businesses would have the chance to receive loan funding when traditional financing could not be obtained. The SBA loan process can be long and complex. From my personal experience, having a lender that knows the SBA Standard Operating Procedure (SOP for short, that small, easy to read 590-page book), has a good understanding of underwriting, and is attentive to detail is what is most important in a lender.
The importance of seeking advice from an experienced SBA lender
Your SBA lender needs to understand your situation and your loan as well as you do, or better. Too often I see SBA lenders that are great salesmen. But just don’t know the details of their deals, and it costs them throughout the process. During my tenure, I have encountered many lenders who could not confidently tell you the likelihood of approval. This is due to the oversite of small details throughout the process. These issues always rise to the surface that could have been solved from the beginning if the lender had the appropriate base of knowledge.
This PSA is for potential SBA borrowers to make sure you do some research before choosing your loan officer. As it can save you time and money in the long run.
A Shameless Plug
My name is Sean Goggins and I work as an SBA Business Development Officer at Cadence Bank. I have 6+ years of experience in SBA, I am young and hungry and ready to assist business owners in their new ventures. If you or someone you know is in need of SBA financing, contact me and I would be happy to answer any questions you may have.
C: 636.866.8462
