What Should I Look for in a Lender?

Business people having a coffee break

In addition to being SBA-approved, the lender’s familiarity with the small business market (your needs and challenges) and their ability to provide value-add services above and beyond loan processing is also something to look for when selecting a bank.

Depending on your needs and values, here are some questions to ask a potential SBA-lender:

  • What are their loan processing times?
  • How experienced are their SBA loan experts? Are they dedicated exclusively to the SBA loan market?
  • Are they familiar with your industry and have they worked with similar businesses in the past?
  • Can they give you strategic advice beyond the financials, even after the loan has closed?
  • How accessible are their staff? What are their work/communication methods?
  • How involved are they in the community? Do they give back?