When seeking to obtain working capital for their business most business owners will speak to their small business banker. One would think this to be the rational thing to do, since the bank holds the business bank accounts and assumably would have a ‘working relationship’ with the small business. A business owner may know about the SBA programs and know that loan options are available and perhaps their bank does ‘issue’ these SBA loans. But, what happens when the bank declines the file?
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Starting from the beginning when you apply directly at your Bank. If you are meeting with a small business banker at your bank, the amount you request is very important. Standard Operating Procedures dictates that the banker must enter in your requested amount. If your business generates $500,000 in annual gross sales and has reported profits of $20,000 and you request a $1,000,000 SBA loan, the banker must put this requested amount on the application. Undoubtedly this application will be auto-declined by the bank, because the business wouldn't have the means to afford the payments to pay back this loan size. Now, compare this with applying with FastwaySBA. At FastwaySBA we perform a pre-qualification audit relating to what the business would qualify for at many different banks simultaneously. This means that we can advise you on what the maximum approvals would be at certain banks. This is important because it ensures that the correct amount is requested at our partner bank during the application process.
At your Bank, they only have one option and will not refer you to a bank that actually would be able to approve your application when they decline your application. Even if the banker knows what bank would approve your business, they are not allowed to disclose this information, because they would be directing their ‘client’ to a competitor bank. This is very different from how we work at FastwaySBA. We work with the Nation’s top SBA banks, so our clients see a higher approval rate, because we leverage our relationship with many banks, not just one.
To understand the available SBA loan options for your business, please schedule an informational call.
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