SBA loans offer a number of advantages for small businesses. Chris Hurn, the CEO and Founder of Fountainhead Commercial Capital, joins The Savvy Entrepreneur to talk about the ins and outs of both types of SBA loans: 7(a) loans, and 504 loans.
Fountainhead Capital is one of only 14 non-bank SBA lenders nationwide, and also one a small number of preferred SBA lenders. As a specialist in SBA lending, Fountainhead Capital prides itself on providing great service and support to its customers. He also says that it really helps to find a bank or non-bank lender that truly specializes in SBA loans to ensure you get the best experience.
Chris talks about the 3 key advantages of SBA loans over conventional lending: (1) lower downpayments; (2) longer repayment terms, both resulting in typical lower monthly payments. A third advantage is typcially the lack of loan covenants that commercial lenders include.
He talks about the differences between the two SBA loan programs, and also gives plenty of tips for pitching to lenders, as well as how to keep your relationship smooth with your lender.
Click on the arrow to listen to an insider talk about SBA loans, or go here to read a transcript of our interview.
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