FASTWAY SBA
The Express Route to SBA Funding
Fastway SBA is a trusted lending partner for SBA loans. Our Mission is to Empower and Grow Small Businesses by providing fast and affordable financing.
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Wondering if a long-term loan is right for your business? Find out now with FASTWAY SBA’s risk-free loan calculator. In just a few simple clicks you can unlock your estimated monthly payment and discover just how affordable growing your business can be.
EIDL Forgiveness Status
The SBA has processed over 3.8 million EIDL loan forgiveness applications as of Q1 2024, with billions in relief provided to eligible businesses. In total, the SBA could forgo collections on over $72 billion of COVID program loans, without appropriate justification or authorization to do so by Congress. However, there is still a backlog, with processing times averaging 6-8 weeks. Key eligibility criteria includes proving a 30%+ revenue loss in any 8-week period after the covered period began and having spent EIDL funds on eligible expenses like payroll, rent, utilities, etc. The maximum forgiveness amount is $150,000.
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We cracked the code for SBA Funding for Businesses in these Specific Industries
Join Gregory Young - SBA Lender @ First Savings Bank and Alex McAloon - CEO @ FastwaySBA as we break down the secrets to SBA loan approvals.
Transcript:
00:03.879
Greg Young: Hi, I’m Greg Young with First Savings Bank. I’ve been in banking for 21 years, with the last seven years focused specifically on SBA 7(a) financing. We provide SBA 7(a) financing across the country, serving all industries. I started my career in New York City and am now based in Dallas, Texas, so I have a solid understanding of various markets and customer needs.
00:30.199
Alex McAloon: Thanks for joining us today, Greg. In your seven years of experience with SBA lending, you’ve likely seen a lot of differences in how banks approach underwriting and approvals. Why would one lender approve a loan while another declines it?
00:50.719
Greg Young: That’s a great question. SBA lending is guided by the SOP (Standard Operating Procedures), which serves as a baseline for all lenders. It’s about as loose as the standards can get. However, banks have their own internal guidelines within the SBA framework, and these guidelines can vary widely based on their experience and appetite. Some banks focus more on collateral, while others prioritize cash flow. Preferences can also depend on industries, geographical locations, or even the experience of the banker and how well they package and structure the deal for underwriting.
01:31.280
Alex McAloon: That makes sense. Are there any universal “yeses” or “nos” in SBA lending?
01:45.000
Greg Young: Not really, beyond the basics like the borrower being a permanent resident or U.S. citizen. Other than that, every bank is different. Some banks are open to startups or construction loans; others focus solely on business acquisitions or real estate deals. The diversity of the SBA program is what makes it so beneficial.
02:09.280
Alex McAloon: Have you noticed any significant changes in SBA lending, either due to COVID or shifts in the SOP?
02:20.440
Greg Young: Yes, there have been changes to both the SOP and banks’ risk appetites. During COVID, the CARES Act brought a lot of attention to SBA lending, making it more mainstream. Programs like PPP and EIDL were excellent marketing for the SBA, and more people now understand its value for small businesses borrowing $5 million or less.
02:50.400
Alex McAloon: Absolutely. COVID programs like PPP really did a lot to improve perceptions of the SBA. That said, SBA processes can still vary by bank—some are heavily paperwork-intensive while others are not. Would you agree that working with an SBA expert can make a big difference?
03:07.560
Greg Young: Absolutely. Working with someone who specializes in SBA lending is crucial. The process involves additional documentation, so having an expert who understands the nuances and guides you through it is invaluable.
03:25.680
Alex McAloon: Have there been changes regarding collateral, cash flow requirements, or down payments?
03:38.080
Greg Young: Yes, particularly with down payments. While 10% down is common, some situations—like certain real estate transactions—allow for no money down. For example, rent replacement or second-location expansions may qualify for 100% SBA financing.
04:02.519
Fastway SBA: Apply today at FastwaySBA.com.
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TOP 4 FACTS TO KNOW BEFORE APPLYING FOR AN SBA LOAN!
Read full Article here: https://www.fastwaysba.com/blog/what-to-know-before-applying-for-a-sba-loan
ANNOUNCEMENT: We are opening up our SBA lending platform to new Referral Partners. Before now, we were only accepting submissions from Accounting Firms, but due to many requests, we are now opening up to any Small Business Advisors (business loan brokers, attorneys, business brokers, M&A advisors, etc).
Transcript:
Introducing the Fastway Referral Program.
Are you running out of options to help your more qualified small business clients? Fastway can help access SBA and Bank Financing.
Leverage our pre-existing network of preferred banks to garner the best terms for your clients and easily submit deals with live stage progress updates.
Fastway has perfected the approval and funding process for your more bankable clients. SBA Term Loans and Bank Lines of Credit options considered.
Schedule a time to speak with us about this Non-MCA Referral Option for your clients.
Thanks for your interest! Sign up today.
With over $400M funded for American Small Businesses, our proven methods have arranged financing for thousands. We approach each unique business with common sense underwriting, booking more loans successfully.
Up to $5 million
With SBA Loans, borrowers can receive up to $5 million with repayment terms of up to 25 years. These loans are attractive to small businesses due to their affordable cost and long term structure. Funds can be used for various small business purposes, including working capital, equipment, and real estate.
Making a Winning Gameplan
Prior to diving into a full SBA application submission, the team at Fastway SBA provides each prospective applicant an overview of what is possible, based on key qualifying characteristics of your business. We use these benchmarks to understand your business’s unique pre-approval: Time in Business, Personal Credit Score, Business Profitability, Industry Type, and Current Business Debt Servicing.
With over $400M funded for American Small Businesses, our proven methods have arranged financing for thousands. We approach each unique business with common sense underwriting, booking more loans successfully.
Super fast funding process!
John was very professional and the loan process was smooth and moved quickly to funding
Successful SBA Loan Funding
Don’t just take our word for it, check out what our customers have to say about Fastway SBA.
Have nothing but positive things…
Have nothing but positive things to say about Cory and Fastway on the SBA loan process. Have nothing but positive things to say for Matthew and Fastway about our loan process. They provide customer service along with the ability to push through potential uw roadbloacks. I can’t thank them enough!
Would Highly Recommend
Thanks for approving and for helping me close on the loan. Monthly payments and the 10 year term makes this very affordable for business. Can’t say enough positive things about how the process was, even when there were some hiccups along the way, the loan was closed after Matt worked with the bank to move things along. Thanks again!
The reasons why we are the best route for obtaining an SBA loan.
Versatile Loan Options
SBA loans are specifically engineered to support business growth. So whether you’re looking to buy equipment, acquire real estate or address business working capital needs, the SBA’s mission is to help expand American Small Businesses.
Rapid Capital Access to SBA Loans
Since SBA loans are guaranteed by the federal government, banks are confident to lend to SBA approved businesses that would otherwise be declined for conventional bank credit. This makes for a simpler funding process, eliminating the usual underwriting obstacles.
Attractive Terms
Our SBA lenders offer extended repayment timelines along with competitive low-interest rates. The SBA loans we offer are definitively the more advantageous option compared to other small business lending choices.
FASTWAY SBA
The Express Route to SBA Funding
Fastway SBA is a trusted lending partner for SBA loans. Our Mission is to Empower and Grow Small Businesses by providing fast and affordable financing. With SBA Loans, borrowers can receive up to $5 million with repayment terms of up to 25 years. These loans are attractive to small businesses due to their affordable cost and long term structure. Funds can be used for various small business purposes, including working capital, equipment, and real estate.
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