How to Get Approved for an SBA Loan to Buy a Business-April 25 GABB meeting
You’ve either got a business to sell, or want to buy a business. So getting an SBA loan may be the key to closing the deal.
How do you make sure that the loan is approved, whether you’re the buyer or the seller?
On April 25, a panel of SBA lenders convened at the Georgia Association of Business Brokers meeting. Susan Kite, Vice President of Government Guaranteed Lending for the Brand Bank moderated the panel. Panelists included Claudia Wilson, Vice President at The Piedmont Bank; Ryan Stoll, SBA Business Development Officer with Wells Fargo SBA Lending; and Brian Harper, Senior Vice President of SBA Lending at Atlantic Capital Bank.
The meeting was held on Tuesday, April 25, at the Atlanta Realtors Center at 5784 Lake Forrest Dr. NW, Atlanta, GA 30328. The GABB’s business meeting begins at 10:30 a.m. is preceded by a 9:45 a.m. networking session with coffee and pastries. There is no charge to attend the GABB meetings; dress is business casual. Directions here or below.
Stuart Oberman of the Oberman Law Firm sponsored the meeting.
The GABB is the state’s only association of professionals who work to facilitate the purchase and sale of businesses and franchises. The group includes business brokers as well as lenders, attorneys, business appraisers, insurance agents, environmental specialists and other professionals. GABB’s member business brokers work with businesses of all sizes to help them through all steps of selling their company — valuation, marketing, financing, and closing. Aspiring business owners also work with business brokers to purchase existing businesses at a fair price.
Last May, a similar SBA panel discussed SBA lending. They recommended that aspiring borrowers get the information to lenders early, be honest up front about potential problems, and expect to pledge assets, including a home, to secure the loan.
Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA provides an array of financing for small businesses from the smallest needs in microlending – to substantial debt and equity investment capital (venture capital). The SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan. SBA loan applications are structured to meet SBA requirements, so that the loan is eligible for an SBA guarantee. This guarantee represents the portion of the loan that SBA will repay to the lender if you default on your loan payments.
Directions to the GABB meeting location at the Atlanta Realtors Center:
From the South: I-75 north to I-285 east or I-85 north to I-285 west. Exit at Roswell Road south and turn right onto Northwood Drive. Turn right onto Lake Forrest. The Atlanta REALTORS® Center on the left at the stop sign (intersecting Allen Road).
From the North: Take GA 400 south and change to I-285 west. Continue as above via Roswell Road.
From East or West: I-285 to Roswell Road. Continue as above.
There is no charge for parking.
For more information about the GABB, contact Diane Loupe at firstname.lastname@example.org or GABB President Mike Ramatowski at 770-634-0428.