What is Fair Compensation?
SBA lending has returned to 2008 levels of activity and with this has come the need for new departmental staffing. Many new lenders have entered the program along with older lender programs being rejuvenated. Demand for those with SBA lending expertise is up significantly. SBA staffing has once again become a front burner challenge for management. The good news is - we know where to find the right talent. However, there is another major issue.
An estimated 25% of the SBA lending workforce lost their jobs at the beginning of the economic crisis that started in 2008. There was a 3 year gap before departments started hiring again. Between losing a quarter of the SBA workforce and little to no new hiring for 3 years, a serious issue was created. It has now become an employee market, driving up compensation across the board. To find the right fit for your team, be prepared to pay for it.