📺 Is the SBA a lender? Why does it matter what bank to apply with if its an SBA loan?
Alex McAloon, CEO of FastWay SBA, answers one of the most frequently asked questions
- The SBA Is Not a Lender – The SBA sets loan guidelines, but banks and lenders issue the loans.
- Lender Interpretations Vary – Different banks interpret SBA guidelines differently, affecting approval chances.
- Choosing the Right Lender Matters – Some lenders require profitability, while others accept businesses with losses.
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.
Up to $500K Available
7.5% as of 2/2024 | 2 weeks to fund
If you are a small business owner considering an SBA loan, we suggest doing one of two things:
See if you qualify by taking 3 minutes to fill out the Application here.
This is the fastest way to get answers about an SBA loan. It will provide us with everything needed to get an approval.
Apply
Get Rates
SBA Loan
Calculate your estimated monthly payment with the FastWaySBA® Calculator
Get a sense of what kind of monthly payment and rate you would experience with different amounts.
Calculate Payment
Learn More
SBA Loan
In this Blog
Written By
Alex McAloon
November 2, 2024
.jpeg)
