No Two Lenders are Alike: Tips to Finding the Right Banking Partner
It can be overwhelming to navigate the maze of small business finance. And whether or not you are ready for a traditional bank loan or end up being eligible for one of our loan programs, it’s important to establish a relationship from the onset. But if you’re not currently working with a lender, how do you find the right banking relationship for your business?
Here are a few tips to help get you started:
Start with any lenders with whom you already have an existing relationship. This includes banks or credit unions where you hold business or personal accounts.
Reach out to lenders in close proximity to your business’ primary location. They are likely knowledgeable of the area and have a vested interest in helping spur business activity within your community.
Do your research! Chat with banks of all shapes and sizes, including small, medium, and large institutions. All lenders have different criteria and credit standards that they abide by. So just because you hear “no” from one lender, doesn’t mean the next one you visit will have the same response. If you do receive a decline, ask the lender what would make your application more likely to be considered. This is also a good opportunity to ask for referrals to other lenders that may be able to consider your request.
Reach out to our list of partner lenders to chat about your potential project. Click here to access our list of 2023 lending partners.
Complete our brief eligibility check, if you have not already. Let the lender know that you've completed our brief eligibility check and are interested in pursuing an SBA loan. There are many factors that are taken into account when considering SBA eligibility, so they will need to get in touch with us to continue the conversation.
Whether or not the lender you've reached out to facilitates SBA loans, it's possible they can still partner with us. We've created SBA 504 Lender Desk Guides and other training resources that they can access in our Lender Portal. This portal is just for lenders and provides in-depth loan program details and how to partner with us.