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08-26-2020, 09:24 AM #1
- Join Date
- Aug 2020
- Posts
- 3
PPP is over - what about other SBA loans?
The Paycheck Protection Program ended earlier this month - and with Congress still in a deadlock over discussions regarding a second Paycheck Protection Program, I'm curious if there are small business lenders still providing other types of SBA loans.
TIA
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08-26-2020, 10:58 AM #2
- Join Date
- Feb 2019
- Posts
- 209
Pretty much every bank that is a SBA lender. The most common programs are 7a, Express, & 504. Personally, I find 504s not the best option and I rather wrap a OOCRE deal in a 7(a) so their equity is not trapped. I highly recommend not trying to do expresses. They have a lower guarantee than other programs and therefore banks will add their own UW guidelines which make them very hard to approve and smaller deal size therefore less rip on the deal for the same amount of work at 800k deal.
Once you find a couple of banks that originates based on SBA SOP then you can broker a nice flow of deals. I do not know many people that will want to give up their connections because it does require a lot of trial and error to find the right banks to work.
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08-26-2020, 12:43 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,948
SBA 7(a) Loans with SBA paying 1st - 6 months of payments by loans fully disbursed by Sept, 27, 2020.
USDA B & I Available for Rural areas of the USA.
Use this tool to determine area eligibilty
https://eligibility.sc.egov.usda.gov...Action=RBSmenu
Side Note - EIDL has reopened - Current Deadline is September 30, 2020
https://covid19relief.sba.gov/#/
Merchant apply directly online- No Bank Needed nor any assistance is required. Takes about 10 minutes to complete.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-30-2020, 09:03 AM #4
- Join Date
- Aug 2020
- Posts
- 18
Throughout the COVID pandemic, the lenders in Become's marketplace helped fund not only PPP loans but also SBA 7(a) loans.
Although the PPP has closed, Become's lenders are still helping small businesses get their hands on SBA 7(a) loans. Hopefully the PPP opens back up soon, but in the meantime you can still get other types of SMB loans through Become.
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09-06-2020, 07:15 AM #5
- Join Date
- Aug 2020
- Posts
- 6
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09-07-2020, 10:17 AM #6
- Join Date
- Aug 2020
- Posts
- 3
Appreciate the feedback everybody, thanks so much.
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09-08-2020, 09:08 PM #7
- Join Date
- Nov 2016
- Posts
- 44
Is there an SBA lender that is easy to sign up with that would be good for a “catch all” if a merchant is looking for an SBA? A bank that will look at all 50 states?
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09-08-2020, 10:56 PM #8
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,948
I rep for a SBA Bank - call me if you want to submit SBA 7(a) and/or USDA Deals.
SBA 7(a) minimum loan is $350,000 - collateralize.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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09-09-2020, 10:28 AM #9
- Join Date
- Feb 2019
- Posts
- 209
A good "catch all" exists but very rare. I would break out the banks based on use of proceeds. A lot of banks hate high working capital loans ( they are some that actually prefer to wrap under working capital to make disbursements easier, but very rare. )
BTW - Most banks have a national footprint. There are some banks that like a local presence to the borrower to service the loan, but I have never enjoyed working with them
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