SBA LENDING 101

"Let's Chat with Jim Parker Business Broker" is proudly affiliated with the BBP Podcast Network

EPISODE: 12

RELEASE DATE: June 19, 2024

YOUTUBE CHANNEL: https://www.youtube.com/@JimParkerBusinessBroker

WEBSITE: https://www.JimParkerBusinessBroker.com

In this episode of "Let's Chat," join host Jim Parker as he converses with SBA lender Tammy Roberts (née Teece) from Live Oak Bank. They delve into the fundamentals of SBA lending, highlighting the benefits, requirements, and processes involved. With nearly 25 years of experience in business brokerage, Jim stresses the advantages of pre-qualifying businesses for SBA loans and the steps needed to ensure smooth transactions. Tammy shares invaluable insights on pre-qualifying buyers, navigating loan underwriting, managing closing timelines, and more. This informative episode is a must-watch for business brokers, prospective buyers, and sellers looking to better understand SBA loans and their impact on small business growth. Don't miss out on learning crucial tips that can help you succeed in your business transactions.

To connect with Tammy:

Tammy.Roberts@liveoak.bank

https://liveoakbank.com

239.272.8145

Join the discussion! Like, share, leave a comment, and for more from "Let's Chat," subscribe on YouTube @JimParkerBusinessBroker

00:00 Introduction and Guest Welcome

00:48 Meet Tammy Tease: SBA Lending Expert

02:47 Understanding SBA Lending Basics

03:10 Advantages of SBA Loans

08:36 Pre-Qualifying a Business for SBA Loans

17:08 Pre-Qualifying Buyers for SBA Loans

25:22 The SBA Loan Process: From Offer to Approval

28:19 Understanding Home Equity Requirements

28:56 Importance of Life Insurance in Deals 3

0:06 Personal Guarantees and Spousal Involvement

31:49 Credit Scores and Background Checks

34:33 SBA Loan Application Process

40:12 Challenges and Solutions in Closing Deals

44:40 Virtual Closings and Final Tips

47:49 Conclusion and Call to Action

TOPIC KEYWORDS:

Jim Parker, business broker, SBA Loans, SBA Lending, SBA, small business, Tammy Roberts, Live Oak