Top 10 Lenders According to the SBA | Small Business Loans

Summary

In this Maverick Minute, viewers are guided through the process of selecting an SBA lender for their business loans. The video emphasizes the importance of choosing the right lender, as the relationship can last up to 25 years. It introduces a curated list of top 10 SBA lenders, ranging from small specialty banks to large institutions, to help businesses make informed decisions. The video clarifies that the SBA doesn't provide loans directly but guarantees a portion of each loan, incentivizing lenders to offer favorable terms to small business owners.

Takeaways

• 💼 There are many options for SBA lenders, and it's important to choose the right one for your business.
• 📺 Subscribe to Merchant Maverick's YouTube channel for more tips on business loans and SBA lenders.
• 🔧 Choosing the wrong lender can negatively affect your business, just like hiring the wrong professional for a specific job.
• 💡 Start by identifying which type of SBA loan best fits your business before searching for a lender.
• 🏦 It's a good idea to start with your existing financial institution but also explore other reputable lenders.
• 🔝 Merchant Maverick has narrowed down a top 10 list of SBA lenders from the SBA's top 100 list.
• 🤝 Consider that you'll have a long-term relationship with your lender, possibly up to 25 years.
• 🏛️ The SBA does not directly lend money; instead, it guarantees a portion of the loan to protect lenders from borrower defaults.
• 💰 SBA loans make it easier for small business owners to access favorable financing terms.
• 🔗 To learn more about specific lenders and types of SBA loans, click the link in the video description to visit a detailed article.

Q & A

What is the purpose of this 'Maverick Minute' episode?

The purpose is to help viewers understand the top SBA lenders and guide them in choosing the right lender for their business needs.

Why is it important to choose the right lender for an SBA loan?

Choosing the wrong lender can negatively affect your business, as different lenders offer varying terms and expertise in handling SBA loans.

What should you do once you've identified the type of SBA loan that suits your business?

After identifying the type of SBA loan that fits your business, the next step is to find a suitable lender, starting with your financial institution and exploring other options.

What does the video recommend as a starting point for finding an SBA lender?

The video recommends starting with your current financial institution and also exploring other options by looking at reputable lenders experienced in securing SBA loans.

Why is it essential to have a good relationship with your lender when securing an SBA loan?

An SBA loan relationship can last up to 25 years, so it’s important to have a lender that understands your needs and offers favorable terms for long-term success.

What is a common misunderstanding about SBA loans?

A common misunderstanding is that the SBA directly provides loans, but in reality, the SBA only guarantees a significant portion of the loan provided by lenders.

How does the SBA guarantee work for lenders?

The SBA provides a guarantee to lenders, protecting them in the event of borrower default, which encourages lenders to offer favorable loan terms to small businesses.

Why is it important for small business owners to explore multiple lender options?

It’s important because different lenders offer different terms, and exploring multiple options helps ensure small business owners get the most favorable loan terms for their specific needs.

Which banks and institutions are highlighted as top SBA lenders?

The top lenders mentioned include Live Oak Bank, Newtek Small Business Finance, Wells Fargo Bank, Byline Bank, Huntington National Bank, Celtic Bank, JP Morgan Chase Bank, U.S. Bank, KeyBank, and ReadyCap Lending.

Where can viewers find more detailed information about these SBA lenders and their loan offerings?

Viewers can click the link provided in the video to access a detailed article with more information on each lender and the types of SBA loans they offer.