But before you can effectively seek out guidance from a professional consultant or firm, try to pinpoint the areas of your SBA loan application where you need the most assistance. If refinancing to save on interest, note here are the recent Q1 average rates charged by SBA banks: Loans under $150K- 8.1%; $150K- $350K - 6.8%; over $350K- 6.3%. 5 85.65 mi Wells Fargo Home Mortgage 600 Thimble Shoals Blvd Suite 300 3rd Floor Newport News , VA 23606 Or, work with a. who’ll walk you through every step of the application process, totally free. Commonwealth Business Bank. Consultants are often freelance and rely on referrals, so it’s worth reaching out to your business network about trusted independent contractors. SBA Coronavirus Economic Injury Disaster Loan Information The impacts of Coronavirus (COVID-19) on society and business activities are difficult to assess and are changing daily. Search Sba loan jobs. Although it requires more time and effort to guide yourself through the process, it’s possible to successfully apply for an SBA loan, You can look directly to the SBA educational resources for current information and. , or search for mentor by expertise, and even specify the area where you need guidance—including help with financing and loans. I’m not trying to scare you, but there can be some very severe consequences to that you should be aware of. Salary estimates are based on 1,904 salaries submitted anonymously to Glassdoor by Sba Loan Servicing Specialist employees. The loan application process may seem long, but you can find a consultant to help you in a few minutes. sbapro.com, the SBA loan experts for both borrowers and lenders since 1976. How much does it cost me to work with Guidant for my SBA loan? Or, work with a loan specialist who’ll walk you through every step of the application process, totally free. Business owners have a time-sensitive incentive to secure long-term financing because interest rates are near an all-time low and it is predicted that rates will slowly raise over time. The first is the most flexible option, since you can use these funds toward almost anything you need: equipment and machinery, soft costs, working capital, you name it. While you definitely want to verify that a lender is certified, a consultant doesn’t necessarily have to be a licensed SBA officer. Search. Houston Business Plan Writer . Either go to the SBA.GOV website OR to your local bank and file the required and voluminous paperwork. Byline Bank is our #5 ranked SBA bank in America based on traditional SBA 7(a) loan activity. We are unable to assist you at this time for your acquisition of a business as our lending partners will want to see ~ 20% personal liquidity (10% down for the business plus another 10% in personal reserves). TV.com. If you are currently paying under 6% for the debt you are looking to refinance, our SBA lender network will not be able to assist and we recommend looking elsewhere. For Lenders. The agency partially backs these loans with federal money, guaranteeing that they’ll cover a portion of defaulted loans. Regardless of whether you’re applying for an SBA 7(a) loan, an SBA 504/CDC loan, or another type of SBA loan entirely, keep in mind that SBA loans can take weeks or months, rather than days, to be processed and approved. For acquisition loans, the minimum loan with our lending partners is $250,000. Unfortunately, we are unable to assist you at this time. That’s why we start each one with a complimentary consultation with your borrower. Use a website like Thumbtack, which is dedicated to connecting business consultants, or a broader freelance and contracting platform like Upwork. Reviewing your budget is a good way to determine how much money you can afford to allocate to hiring a loan consultant. What are lenders looking for? While we are not SBA attorneys or lawyers, Jason is a former bank vice president, and oversaw an SBA delinquent loan portfolio at the height of the “great recession” in 2009. They can help you organize and maintain financial records, and verify their accuracy, before you move forward. In addition to mentoring resources, SCORE has published guides that might help you educate yourself about SBA loans. The SBA works with specific lenders to offer their programs which eliminate the risk from the lender since they are backed by the government. There is a lot of helpful information that can help you educate yourself about SBA loans on the internet, but you need to be discerning and trust your own judgement when it comes to taking advice, whether it’s online or from a hired consultant. Current status of the company is Active/Owes Current Year AR. for a commercial mortgage—so it’s important to plan ahead, both for borrowing and repaying your SBA loan. Even for the most organized and informed of entrepreneurs, it’s a lot of information and documentation to stay on top of. Note: If you are purchasing a business along with real estate, be sure to check "Acquiring a business" above in "Use of Funds.". And you’ll need to meet the SBA eligibility requirements for your application to be considered in the first place. For many new businesses, hiring a loan consultant might not be feasible. Celtic Bank Corporation is our #6 ranked SBA lender based on SBA loan volume from last year. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. Note - SBA rules require real estate purchases to be at least 51% owner-occupied unless a hotel. 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