A few years ago, somebody I know was interested in an SBA loan and went to his local bank branch. There were some specific nuances to his situation, and the bank branch manager went back and forth with SBA people in another state. After a few weeks of back and forth, they told the borrower he was not qualified.
The borrower was then tight for money and proceeded to get a high-interest on-line loan that in the end made his situation worse instead of better.
Here is the problem: the borrower assumed that what his bank was telling him was SBA policy and that there was no way to get an SBA loan. But the bank was communicating their policy: not the policy of SBA loans in general.
Don’t take one NO to mean you are out on an SBA loan. There are about 2,200 banks and some non-bank lenders who make SBA loans and every one of them has its own credit box.
To learn more about the SBA and how you can benefit, join us today at noon EST today for an Aminar.