[splurge37]

I actually think that many of those will still be off-limits. But nonprofits will finally be eligible, as they are removing the biggest requirement the SBA had: must be for profit. The rest, I really have no idea. Can't imagine they'll allow brokers to be eligible.

Brokers can potentially be eligible, I have seen them approved and funded - but that is not every broker, SBA is very nuanced and it is not a simple answer. Here's a read if anyone's interested. It's the SBA's SOP's (368 pages) outlining the specifics of the SBA program.

That being said, as an SBA insider I've personally seen 3 different versions of the bill being considered. Until we have something passed, it's really tough to speculate on what the final language will contain. I'm optimistic SBA lending will be supercharged, regardless.

Demand is very strong, and should only continue to grow.

SmartBiz is the top national originator of SBA loans under $350k - jared.kogan@smartbizloans.com

[sigmundpannu]

Brokers can potentially be eligible, I have seen them approved and funded - but that is not every broker, SBA is very nuanced and it is not a simple answer. Here's a read if anyone's interested. It's the SBA's SOP's (368 pages) outlining the specifics of the SBA program.

That being said, as an SBA insider I've personally seen 3 different versions of the bill being considered. Until we have something passed, it's really tough to speculate on what the final language will contain. I'm optimistic SBA lending will be supercharged, regardless.

Demand is very strong, and should only continue to grow.

SmartBiz is the top national originator of SBA loans under $350k - jared.kogan@smartbizloans.com

Good platform, small window for low hanging fruit. Believe there will be shake out with banks on the platform.

[WestCoastFunding]

Good platform, small window for low hanging fruit. Believe there will be shake out with banks on the platform.

Yeah, they’re limited. Anyone that knows how to work with financials can do much better than them using other platforms, Marketplaces. Plus their fees are easily beat.

[BB_Cooper]

Yeah, they’re limited. Anyone that knows how to work with financials can do much better than them using other platforms, Marketplaces. Plus their fees are easily beat.

Agreed. But the CARE Act provides that provide that a big proportion of these 7(a) loans will be forgiven, as long as the proceeds are used on payroll and other qualified expenditures. In practice, its more akin to a free money than a loan product-

[splurge37]

Yeah, they’re limited. Anyone that knows how to work with financials can do much better than them using other platforms, Marketplaces. Plus their fees are easily beat.

That is not accurate.

SmartBiz altered its fee structure a few weeks ago, and most borrowers pay less than 1% origination fee.

[mrmrg]

That is not accurate.

SmartBiz altered its fee structure a few weeks ago, and most borrowers pay less than 1% origination fee.

West Coast is right, there is no benefit to go through SmartBiz unless you don't know what you're doing.

[splurge37]

West Coast is right, there is no benefit to go through SmartBiz unless you don't know what you're doing.

Also inaccurate. I've been in SBA finance since 2008 and the nuances of SBA are still a daily challenge for me. SmartBiz has 10 banks on the platform, and as you all know with the MCA business...no 2 banks underwrite the same. You have the benefit of 10 lenders with the same process/documentation.