I received an SBA approval in LESS than 40 DAYS!

I received SBA approval in LESS than 40 DAYS! I have also built several relationships with SBA lenders (small, medium, and large banks) and fellow searchers. It's important to understand a few things about SBA lenders and the lending industry in general:

1. There is not a "one bank fits all" out there, stop looking for it. You should always interview several banks, have a few backups, and/or speak to someone you trust before making a commitment to any lender.

2. Also, in general, there is not any particular bank that is perhaps "better" than the others.

3. You just have to decide, what's important to you? Do you need a lender that can get creative and potentially be charged a few higher basis points for that creativity?

4. Or do you need a lender that charges the absolute lowest rate and has the absolute best terms? If so, lean towards bigger banks. Many of these banks typically require a near-flawless company resume, borrower resume, and/or experienced borrow. Also typically slower.

5. Do you need speed? If so, the creative banks and smaller banks should be your 1st choice.

6. Or maybe it's a combination, you need a good interest rate, you have an okay company with a few financial or customer concentration flaws, but you don't necessarily need speed. Then there is a group of middle-tier banks that fit this genre.

7. Now, let's say you have your full package ready to submit and a bank in mind. MAKE SURE your speak to the right individual at that bank that can move your file. I and other fellow searchers who have reached out to me can back this up with 100% evidence.

8. continued; There is one bank in general that is very a popular go-to for SBA loans that has individual/s that will sit on your file. NOT good if you're under exclusivity. Time kills all deals. How do I know this?

9. continued; I personally lost out on a deal and this very issue was a contributing factor. 2 Months later, a fellow searcher reach out to me and told me he had a similar story, there was too much irony so I had to dig deeper and ask him who.

10. continued; Eventually, we shared notes and concluded it was the same individual at the same well-known SBA bank. Look I'm not here to publicly shame, nor will I. I'm here to simply share real-life experiences that can eventually be devastating to a transaction.

11. continued; Ultimately I found out who the right individuals are at this particular bank and I can personally tell you they are a knowledgeable group and they do a lot of business for that reason. Happy to make an intro, (no strings).

12. Do not sign exclusivity with a lender broker, I fell for this trap and was eventually stuck temporarily and it cost me $$$.

13. Always be in a"sell yourself" mentality when speaking to the originator, assistant, underwriter, president, etc. Doing this will instill confidence in all parties involved. Remember their TEAM is making a decision on you and the business you are seeking funding for.

14. Be prepared and organized. Don't be the applicant that is short on a few documents, this shows inorganization and carelessness which will start the relationship on a bad note.

15. Always follow up (email, call, text) with your loan officer throughout the process, it's okay to be on the annoying side of this spectrum. They are working on 10 other files, let them know how committed and motivated you are. SQUEAKY WHEEL GETS THE GREASE!