SBA Lender and SBA Lenders
FINDING THE PERFECT SBA LENDER AMONG 1,500 SBA LENDERS
Need to find an SBA lender right now? You can apply to several hundred SBA lenders in just four minutes using C-Loans.com. And C-Loans is free!
Not all SBA lenders are the same.
- Some SBA lenders will make small business loans nationwide. In contrast, it is common to find a small SBA lender that will only make a small business loan within thirty miles of its office.
- Some nationwide SBA lenders will not make small business loans of less than than $400,000. It is usually possible to find, however, a small business lender which will make an SBA loan as small as $100,000. You just need to know where to look.
- Some SBA lenders hate certain property types. For example, hotels and gas stations are out of favor right now with many SBA lenders. If you search diligently, however, you should be able to find an SBA lender for most eligible property types. Don't assume that its impossible to get a small business loan, just because one SBA lender (small business lender) turns you down. Keep looking!
- Some SBA lenders are much faster than others. A normal SBA lender has to submit a complete package to the Small Business Administration and get an approval before it can fund an SBA loan. This pre-approval takes an extra sixty days.
The most active and expert SBA lenders qualify for the SBA's Certified and Preferred Lenders Program. Participants are delegated partial or full authority to approve loans, resulting in faster service to the applicant.
Certified lenders are heavily involved in regular SBA loan guarantee processing, and they meet certain other criteria. They receive a partial delegation of authority and get a 36-hour turnaround on loan applications; they may also use regular processing. Certified lenders account for 10 percent of all SBA business loan guaranties.
Preferred lenders are chosen from among the SBA's best lenders and enjoy full delegation of lending authority. This authority must be renewed at least every two years, and the SBA will periodically examine the lender's portfolio. Preferred loans account for 18 percent of SBA loans.
Need to find an SBA lender right now? You can apply to several hundred SBA lenders in just four minutes using C-Loans.com. And C-Loans is free!