With over 30 years of experience in setting up SBA lending departments, Tim Terry, CEO of SBA Advisors, has compiled "The Top 5 Requirements to Starting or Expanding an SBA Lending Platform.” This will be a 5 part blog series and today we kick it off with the first requirement…Knowing your PURPOSE for SBA Lending Why can SBA lending be the most successful and profitable program offered by your … [Read more...] about The 5 P’s: What is your purpose?
In part two of this series on “The Top 5 Requirements to Starting or Expanding an SBA lending Platform”, we address the requirement of having a PLAN. When would you ever make a loan to a new company without seeing their business plan? And, why would you expect your board and managerial team to agree to implement SBA lending without a defined plan? You have heard about lenders who … [Read more...] about The 5 P’s: What is your plan? Part 1
Why Have A Stand-Alone SBA Credit Policy From the last blog, we discussed having a Plan for SBA lending starting with a stand-alone SBA credit policy. Let’s continue the discussion on the mandate for an SBA Credit Policy. First and foremost, it is important to understand that the SBA credit policy forms the foundation for your SBA lending program. SBA requires it. Regulators will … [Read more...] about The 5 P’s: What is your plan? Part 2
How Much Does It Cost to Get Started and When Should We Expect to Break Even? With any new business plan, we want to know all about the investment needed and the timeline to profitability. As a Commercial/SBA Lender, you need this knowledge to determine the credit strength in any new deal. When a bank is considering investing in a new SBA lending platform, it is just as vital to … [Read more...] about The 5 P’s: What is your plan? Part 3
Best Practices in SBA Lending Staffing or Using an LSP As mentioned in earlier blogs, there is a lot of SBA compliance that factors into a successful SBA lending platform. To maintain a consistent compliant process, it takes experienced SBA lenders, SBA credit analysts and SBA loan processors. While SBA lending has doubled over the past 5 years, the number of experienced SBA staff has not. … [Read more...] about The 5 P’s: What people are needed?
Best Practices in SBA Lending Compliance and the SBA Guaranty The fourth “P” is Process At the beginning of this blog series, we discussed the foundation of an SBA lending platform: the SBA Credit Policy (aka: the PLAN). Just as important to your success is to write an SBA Loan Policy and Procedures Manual establishing the PROCESS. Why establish the PROCESS? There is a … [Read more...] about The 5 P’s: What is your process?
Back in the early 90’s, I was teaching bankers how to do SBA lending. I also helped in doing credit analysis and loan packaging. Everyone called me a loan packager. As my business has evolved into setting up SBA departments and finding people to fill SBA jobs, so has the cottage industry that seeks to support small SBA lending programs. Today we call this industry that of the SBA Loan Service … [Read more...] about The Evolution of SBA Loan Service Providers
"Tell me about yourself" It is the most common interview question, and one that a lot of job seekers find difficult to answer. Dana Manciagli provides valuable feedback in this article provided by Career Mojo through The Business Journals. Question: How do I answer this interview question: “Tell me about yourself”? I struggle with that. Advice from Career Mojo: I think you are in … [Read more...] about The Most Common Interview Question
Interviews have the power to solidify or rule you out as a candidate. You can have the perfect resume and a wonderful phone interview, but a have a less than successful face-to-face interview. Nerves, coupled with the inevitably intrusive questions that beg for difficult answers, can make us ramble, fumble over our words, and hope the interviewer sees the potential underneath the less than … [Read more...] about Interviewing
SBA Advisors announces new SBA “tradigital” marketing programs to SBA lenders across the country. Dallas, TX – Today Tim Terry, President of the 22 year old firm, SBAadvisors, Inc. announced the addition of new marketing services to banks seeking to grow their SBA government guaranty lending. “Having set up 10 SBA lending programs for lending institutions across the country, it is … [Read more...] about SBA Advisors announces “tradigital” marketing programs
Some of the “power” words used on resumes have lost their power. Your resume can work on your behalf and in your favor or it can set you back. Check out this excerpt from an article in the Dallas Business Journal and see if you need to revamp your resume. “Job seekers are overusing buzzwords and tired descriptors in the hope that they will magically get the attention of their audience. I see … [Read more...] about Are you overusing “buzzwords” on your resume?
A professional resume is something that we all assume to have. We have listed our job history, a summary of accomplishments, and demonstrated growth in promotions and leadership positions. And yet, somehow great candidates can be overlooked simply because of their resumes. Do you know that the average time that a hiring manager spends first reading your resume is just 15 seconds? So it begs … [Read more...] about Does your resume have what it takes to get you hired?, Part I