Tip #115: Is your bank a SBA Preferred Lender?

tip 115: the benefits of working with an SBA preferred lenderSelling a business can be a long process. In addition to the time it takes to find a buyer that’s a good fit to own the business, that buyer might choose to obtain SBA financing. However, not all banks are Preferred SBA Lenders (PLP). Preferred SBA Lenders not only have the experience to navigate the SBA system, but they can also approve the loan in-house without having to wait for the SBA’s approval. This can mean saving a considerable amount of time, when both the buyer and seller are anxious to close.

Read: Why Your Small Business Should Work with a SBA Preferred Lender.