December 11, 2024
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Alex McAloon, CEO of Fastway SBA, answers one of the most frequently asked questions - "Is the SBA a lender? Why does it matter what bank to apply with if its an SBA loan?"
Transcript:
The SBA is not actually a lender. The SBA is just a set of guidelines that the government gives out to the banks and then the banks interpret those guidelines. So we work with dozen of lenders who all interpret it a little bit differently. One big difference is even just profitability, to some lenders you need to have a profit, some lenders look at the tax return and don't need to show profit so losses are acceptable to some lenders.
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