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03-24-2020, 09:05 AM #1
- Join Date
- Oct 2016
- Posts
- 4,318
Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.
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03-24-2020, 09:20 AM #2
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03-24-2020, 09:55 AM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-24-2020, 10:13 AM #4
- Join Date
- Oct 2016
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- 4,318
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03-24-2020, 10:24 AM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Most of the SBAs for small businesses are backed by the Feds, but most are approved and managed by smaller community banks or non-bank institutions. Since a large amount of smaller institutions are working to serve current clients and manage their portfolios it is going to be difficult closing a lot of these offerings considering the environment.
Everyone and their Dutch Uncle has been pushing SBAs for the last week. That is one busy highway......
KHKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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