Episode 3 – SBA Lending – Yankie Markowitz – CEO, SBA Loan Group
In this episode, Jim Noone, president of FinWise Bank, interviews Yankie Markowitz, founding partner of Business Funding Group, about SBA loans. Yankee shares the background of SBA Loan Group and how they help business owners navigate the SBA loan process.
They discuss the different SBA loan programs, including the 7A and 504 programs, and the eligibility criteria for each. They also highlight the importance of finding the right bank and setting realistic expectations for the loan process.
The conversation covers the pros and cons of SBA loans, including the longer processing time and the need for thorough documentation. Jim and Yankie discuss the importance of having your financial reporting house in order when seeking financing for your business. They emphasize the need to have accurate and up-to-date tax returns, profit and loss statements, and other financial documents. They also highlight the significance of having a good credit score and reducing credit card utilization.
The conversation covers various uses of funds, such as owner-occupied commercial real estate purchase, business acquisitions, and expansion funding. They also touch on the eligibility standards of the SBA and the importance of finding the right bank that understands your business and industry.
Resources mentioned in this episode:
Podcast by FinWise Bank
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