Things To Look for In an SBA Lending Partner

For all searchers, business owners, and business intermediaries These are the things that make a good SBA Lending Partner.

1. In depth knowledge of the SBA SOP- but not just knowing the SOP. Knowing the bank’s credit overlays is key. The SBA SOP is made of rules that each lender must interpret and apply to their existing credit policy.
2. Relationship Builder: For larger SBA loans, these take months to get to the finish line. During this time, relationships are built and it’s a team effort to get the deal to the finish line. A good SBA BDO is involved in kick-off calls and has a team behind them to execute. They jump in when needed, and they don’t let their support team be the bad person. There are times where bad news needs to be delivered and a good SBA BDO will take the lead on those conversations.
3. Communication- Clear and Concise Communication. Most borrowers have never done an SBA loan and takes good communication skills to be able to explain complex financial concepts to borrowers. Borrowers appreciate honesty and transparency even if the answer is not what’s expected. A good SBA lending partner will take the time to explain the situation and offer solutions to whatever problem is presented.
4. Integrity- A good SBA lending partner will not overpromise and under deliver. A good SBA lending partner will also walk away from a deal that doesn’t pass the sniff test. A good SBA lending partner has a vetting process that they do initially to make sure the players are credible. A good SBA lender also cares about their credibility with their credit managers. It takes years to build credibility with underwriters and the last thing an SBA BDO wants to be known for is not submitting quality deals.

If I were looking to partner with an SBA lending partner, I’d be looking at these traits.

If this resonates with you and you are looking to partner with someone who embodies all of the above, I’d love to hear from you.