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Most Business Borrowers Initially Contact Low Probability Lenders
Small business owners often start their SBA loan journey by reaching out to the lender least likely to approve their application. It’s a systemic issue nationwide: selecting the right SBA lender is a challenge many entrepreneurs don’t even realize they’re facing.
Are You Too Big for an SBA Loan? Not Likely.
The SBA loan program is a popular option for small businesses seeking funding for growth and expansion. But there is a catch: your business must meet size requirements to qualify. We’ll explain the SBA's size standards and how they apply to you.
SBA Lending to Existing Businesses > 2 Years Old
FY 2024 SBA Lending Statistics
It all begins with an idea.
Out-of-State Banks Dominate SBA Lending
72% of funded SBA 7(a) loans over the last year (FY 2024) were funded by out of state lenders. Out of state lenders were responsible for even a higher percentage of franchise lending with 81% funded franchise SBA loans.
Top Franchise Brands in SBA Lending
Change of Ownership Loans in 2024
Change of ownership is a business age category tracked by the SBA. The SBA has specific and different rules for each type of loan where ownership changes hands. During FY 2024 there were 627 banks funding 4,151 change of ownership loans for $4.8 billion with an average loan amount of $1,158,934.
SBA Lending to New Businesses Under 2 Years Old
Are Local Banks Good for SBA loans?
When a small business owner thinks they want to apply with their current or a local bank it is primarily based on prioritizing familiarity. “I’m familiar with this specific bank because I drive by it on the way to the office”. Or, “the local branch I bank at is familiar with me so I have the best chance of my loan getting approved with them”.
1% of SBA Banks Fund Half the Loans
SBA lending is a lending specialty some lenders have made a special focus and have dedicated the resources and people to maximize how many SBA loans they can close annually. With SBA’s extensive rules and requirements, success in this space demands a well-rounded combination of expertise, credit risk acumen, and a robust business development network.
Startup Business Loans in 2024
SBA Franchise Lending in 2024
LoanBox is the Business Owner's Crystal for Selecting a Lender
A Dozen Ways SBA Lenders Differ
From our experience, the biggest misperception by far about SBA lenders is that they are all pretty much the same. After all, how different can an SBA loan be from one lender to the next? The truth is that while the SBA is the same for all, SBA lenders are very different from each other, and many are different in many ways.
3 Essential Questions for Choosing the Right Lender for Your Business Loan
Not All SBA Loans or Lenders Are Created Equal
It all begins with an idea.
House Collateral and SBA Loans: What Small Business Owners Should Know
It all begins with an idea.
What Small Business Owners Should Know About SBA Loan Guaranties & Guarantors
It all begins with an idea.
Navigating Your Existing EIDL Loan and Lien
It all begins with an idea.
Understanding Spousal Guaranty Requirements for SBA Loans
It all begins with an idea.