What you need to know about SBA Lending from the Best in the Business

In this episode, Jim Noone, president of FinWise Bank, interviews Yankie Markowitz, founding partner of Business Funding Group, about SBA loans. Yankie shares the background of SBA Loan Group and how they help business owners navigate the SBA loan process.

They discuss the different SBA loan programs, including the 7A and 504 programs, and the eligibility criteria for each. They also highlight the importance of finding the right bank and setting realistic expectations for the loan process.

The conversation covers the pros and cons of SBA loans, including the longer processing time and the need for thorough documentation. Jim and Yankie discuss the importance of having your financial reporting house in order when seeking financing for your business. They emphasize the need to have accurate and up-to-date tax returns, profit and loss statements, and other financial documents. They also highlight the significance of having a good credit score and reducing credit card utilization.

The conversation covers various uses of funds, such as owner-occupied commercial real estate purchase, business acquisitions, and expansion funding. They also touch on the eligibility standards of the SBA and the importance of finding the right bank that understands your business and industry.

Links mentioned in this episode:

U.S. Small Business Administration. District office contact information by state: https://www.sba.gov/about-sba/sba-locations/sba-district-offices

National Association of Government Guaranteed Lenders (NAGGL): https://www.naggl.org/