A U.S. Small Business Administration loan can be a game changer for many small businesses seeking financial assistance. Access to capital, competitive rates and terms, and resources are just a few reasons why many businesses are opting for SBA loans.
If you’re considering applying for an SBA-guaranteed loan, the first step is to choose an SBA lender. Since the SBA doesn’t issue the loan, you’ll need to select an SBA-approved lender to help you with the loan process. But with many banks to choose from, how do you know which SBA lender is the right fit for you?
Small business owners should look for the following five strengths in an SBA lender.
Top SBA Lender Strength #1: Experienced
Look for a bank with proven small business lending experience. SBA loans have different requirements than conventional small business loans, so finding a lender with plenty of SBA loan experience is crucial. Ask how many SBA loans the lender typically approves and what to expect from the loan process.
Top SBA Lender Strength #2: Efficient
You are more likely to streamline your loan process by selecting an SBA Preferred Lender. The SBA’s Preferred Lender Program simplifies the lending process by granting designated lenders the authority to make final credit decisions, saving you time and energy.
Top SBA Lender Strength #3: Local
Local financial institutions understand the importance of small business to the local economy and value the work they do to create jobs and fuel growth. Local lenders are committed to the communities they serve and are invested in the long-term success of their clients. Additionally, when decisions are made locally, clients often experience faster turnaround times and quick answers to their questions.
Top SBA Lender Strength #4: Creative
The right lender will be one who is passionate about helping you achieve your goals and willing to find unique solutions to fit your financial needs. A great SBA lender should be dedicated to finding the right funding option for your project and be willing to go the extra mile for your business — even when roadblocks occur.
Top SBA Lender Strength #5: Dynamic
Finally, choose a lender that can continue to provide you with stellar service long after your small business loan closes. Consider a financial institution that is well-appointed to assist you with all your banking needs and has what it takes to meet the changing demands of your growing small business. The best lender is a valued resource, not just a provider of financing.
If you’re looking for an SBA lender to help your small business grow, look no further than Zions Bank’s SBA lending team. As an SBA-Preferred Lender and a leader in small business lending, Zions Bank’s team of professionals can help you find the right SBA loan for your small business.
Apply online anytime or visit your local Zions Bank branch.
1. SBA loans subject to credit approval and SBA approval. Terms and conditions apply. See a banker for details.