[freeprocessing]

Looking for a company like Smart Biz but with no dollar cap. Thanks!

[SFC]

Looking for a company like Smart Biz but with no dollar cap. Thanks!

The Small Business Administration will only provide guarantees for loans up to $5,000,0000 so no one can offer an SBA of more than that. Anything above that is a lie. Hope that helps you flesh out potential fraud/bs responses/companies.

[ryanh]

Newtek - but they are miserable to deal with in comparison to smart biz and pay way less.

[freeprocessing]

The Small Business Administration will only provide guarantees for loans up to $5,000,0000 so no one can offer an SBA of more than that. Anything above that is a lie. Hope that helps you flesh out potential fraud/bs responses/companies.

I appreciate that. I need 3m. Do you know who can do that?

[abfunders]

If it's a B2B business, are they factoring already? Can you enlighten the board why you need SBA specifically?
The SBA will go up much higher if there's commercial real estate involved.

[freeprocessing]

If it's a B2B business, are they factoring already? Can you enlighten the board why you need SBA specifically?
The SBA will go up much higher if there's commercial real estate involved.

No B2b. No commercial real estate. I was thinking SBA because merchant needs 5-10 years. Anything else would that can go out that long would help as well.

[abfunders]

The nice part about the up to $350k SBAs, is that there really is no collateral, just blanket UCCs.
What collateral does the client have to justify a $3mm loan?

[freeprocessing]

The nice part about the up to $350k SBAs, is that there really is no collateral, just blanket UCCs.
What collateral does the client have to justify a $3mm loan?

I can find out. If there are none, my options would remain at a 350k cap?

[WestCoastFunding]

I can find out. If there are none, my options would remain at a 350k cap?

Depends on what the financials show. Has he been profitable the past few years? Have to figure out what his Debt Service Coverage Ratio is on $3M. If he can’t get it well over 1.0, but also lacks collateral, the options are few. Even if over 1.0 but lacking collateral it’s tough.

[sigmundpannu]

85% of our business is SBA, and I have yet to get a deal done for that amount with no collateral. Most banks I work with on a deal that size will require $1.2MM in collateral to justify the exposure on a $3MM Loan.