📺 SBA Loan Approvals - Exclusive Lending Insights
Join Gregory Young - SBA Lender @ First Savings Bank and Alex McAloon - CEO @ FastwaySBA as we break down the secrets to SBA loan approvals.
Greg Young, an SBA lending expert with First Savings Bank, discusses key aspects of SBA 7(a) financing, highlighting how different banks interpret SBA guidelines based on their risk appetite, industry focus, and underwriting preferences. While SBA lending follows standard procedures, banks set their own criteria, leading to variations in loan approvals. COVID significantly increased awareness of SBA programs through initiatives like PPP and EIDL, making SBA financing more mainstream. Young emphasizes the importance of working with an SBA expert to navigate the complexities of the process. He also notes that while a 10% down payment is typical, some transactions, such as rent replacement or second-location expansions, may qualify for 100% financing.
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