Best Banks for SBA Loans

vlagrl29 · July 2014

DH has been going to many banks with his extensive business plan in order to get qualified for a loan so he can buy a lot and build his studio on. We have found out that BIG banks like BOA and Commerce don't want to mess with the teeny tiny small business like DH's. I know no one here is probably from my area (midwest), but any suggestions you may have might very possibly be very helpful to us. DH is currently renting his studio and has been for the last 10 years or so. It's time he builds his own place and be able to pay it off in 15 years.

jjbmstinco · July 2014

Can you try any of the small local banks? I am not sure where you live in the midwest otherwise I could help more. Are there any credit unions around you? My mom went with Wells Fargo (I know they are big) to do a business loan.

vlagrl29 · July 2014

I thought DH asked Community America while we were opening all of our accounts there. Maybe I should call and double check. We do have a Wells Fargo as well. I didn't think credit unions did business loans.

vlagrl29 · July 2014

The only problem we may run into is getting a loan big enough to build the sq ft he needs. Ideally he would like at least $180,000 and he already has $30,000 for a DP. Since we are self employed we deduct as much as possible on our taxes which on paper makes us look like we don't make much, but he has been paying $1,100 in rent every month for 10 years with no issues.

hoffse · July 2014

I'm not in your area, but I suggest the smaller, local banks as well. They tend to be easier to work with when we're helping arrange loans for a client. You guys might end up paying higher closing fees because of the legal work that may be involved (on the bank's end), but having a good banker to work with is a really valuable thing.

jjbmstinco · July 2014

I have no idea if credit unions do business loans, but it doesn't hurt to call and ask. I hope he gets it all figured out!

vlagrl29 · July 2014

I did call community america and they do SBA loans as long as you have a tax ID # which he does so that's good news. He has probably been in to 6 or so more local banks in the last month, they are just taking there time to get it done and he will most likely be purchasing the lot in the next 2 months or so and we need the funding there so he can get going on it.

MommyLiberty5013 · July 2014

Did you try USBank? I used to work for them and they always seemed motivated to meet with local businesses to try to work out loans for them.

Lending-wise, I know they are very conservative and will require a lot of paper work, but it's worth a shot.

vlagrl29 · July 2014

MommyLiberty5013 said:

Did you try USBank? I used to work for them and they always seemed motivated to meet with local businesses to try to work out loans for them.
Lending-wise, I know they are very conservative and will require a lot of paper work, but it's worth a shot.

I will see if DH tried that bank yet. It doesn't hurt to try a few more banks IMO. Thanks

nofksgvn · July 2014

Have you looked at www.sba.gov? They have recommended lenders here http://business.usa.gov/access-financing, you just have to answer a few questions!

vlagrl29 · July 2014

nofksgvn said:

Have you looked at www.sba.gov? They have recommended lenders here http://business.usa.gov/access-financing, you just have to answer a few questions!

Thank you for this info! DH finally had 1 banker call him back and offer to come to his studio to get more info that would help him out so he can go back to the underwriter and see what he can do.

Best Banks for SBA Loans

Re: Best Banks for SBA Loans

Choose Another Board

Search Boards