SBA Express

searcher profile

May 16, 2023

by a searcher from Rice University - Jesse H. Jones Graduate School of Business in Houston, TX, USA

Good Afternoon,

Does anyone have a recommendation for an SBA express lender or working capital lender that isn't a loan shark. Have an SBA 7a out for our franchise that is opening on 6/9. Lender allocated our TA as our working capital, but TA won't be given until July, which defeats its purpose in totality. Any suggestions for an SBA express lender or working cap lender? We also have a secondary business that could be leveraged for the loan.

Thank you

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commentor profile
Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
Great question. If you already have an existing SBA loan on that business you must first go to that lender and request they provide the financing. If they issue you a denial letter, then you can go to another lender to seek financing for that business. However, getting financing from another lender might be somewhat of an uphill battle given the fact your existing lender is not willing to provide you the financing. If the business is not even open yet, it will be even harder to get financing.

As for leveraging another business you have, that might technically be an option, but please keep in mind borrowing money, especially SBA dollars for one business and then using it for another business, would be a violation of the purpose of the loan. Not sure you want to open yourself up to that potential exposure.
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Reply by a professional
from University of Texas at Austin in Austin, TX, USA
Have a couple of ideas, I can bridge some intros redacted
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