The 2021 SBA lending program enhancements and payment subsidies have changed how many lending institutions are approaching traditional SBA lending. If your institution is new to the space or has many years of SBA experience, there are numerous benefits of the program that could lead to large increases in SBA lending activity: 90% guarantee until
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As part of the Coronavirus Aid Relief and Economic Security (“CARES”) Act passed last March, the SBA’s Paycheck Protection Program (“PPP”) helped get funds into the hands of more than 5 million businesses in dire need of a lifeline in the midst of the COVID-19 crisis. With the pandemic continuing to surge heading into 2021,
This article highlights a brief thought process you may be experiencing when evaluating whether to start your own business or buy an existing business. Each path to business ownership is equipped with pros and cons, however buying an existing business has become increasingly popular for several reasons and SBA financing tends to be the perfect fit in many situations.
We recently explored the top performing industries that have utilized the SBA 7(a) Loan Program to secure small-business financing, and among this group, Offices of Certified Public Accountants (NAICS Code: 541211) ranked #18 on our list. Helping more than 3,100 firms from FY2010-2018, accountants have historically found the program to be one of the most popular ways to start or expand operations.
Offices of Lawyers (NAICS Code: 541110) ranked #11 in our latest research on the top 20 performing industries for SBA financing over the last decade. During this period, attorneys received more than 5,800 SBA 7(a) loans totaling roughly $1.15 billion. Attorneys find the 7(a) Program to be one of the most attractive options for financing as a result of the flexibility surrounding the permissible uses of proceeds, such as continuing legal education, refinancing existing debt and working capital to cover case expenses.
In our latest analysis of the top 20 performing industries, Engineering Services (NAICS Code: 541330) ranked #20. From October 1, 2009 to December 21, 2018, engineering firms received 3,058 SBA loans totaling roughly $1.06 billion. While “engineering services” is a broad category covering many types of engineers, the need for capital and the value of SBA financing is similar across all categories.