Great video. I like the call out for those managers looking to purchase businesses they've worked at for many years. The seller financing is a great option for them. Great summary of the last few months.
Thank you for sharing! There was so much back and forth with all the changes that one could only get 😵 But you really simplified it all! Perfectly done!👌
Awesome video as usual. I’m not a fan of them changing the preferred lender’s processes they could have made the approval process less strenuous for non preferred lenders.
No but if the loan is fully secured with business assets, personal collateral is not needed. For example, you’re at 85% loan-to-value on commercial real estate. ALSO: SBA 7a loans $500k and under don’t have the personal collateral requirement
Would an SBA 7a loan allow you to put less than 20% down if you wanted to purchase a building for your business? Wondering if it is possible to do 100% financing with no cash down if the business has adequate cash flow?
I don’t think any lender is going to do a deal where the buyer has 0 skin in the game but in the cases of a manager buying the business you can make the case that the buyer has sweat equity in the biz which is a form of skin in the game
Hi, have a small candles manufacture in Florida and I need some some capital to be opening our first kiosk in the mall. That our plan is to turn in to a franchise store. Can you help us? Nedia
![Accounting Basics for Small Business Owners [By a CPA]](http://i.ytimg.com/vi/3KeG7hHzUy4/mqdefault.jpg)
Spot on Ray...great video summarizing these changes.
Great video.
I like the call out for those managers looking to purchase businesses they've worked at for many years. The seller financing is a great option for them.
Great summary of the last few months.
Thanks for watching !
Thank you for sharing! There was so much back and forth with all the changes that one could only get 😵 But you really simplified it all! Perfectly done!👌
This is great to know ! I'm now applying with a preferred lender for 7a for CRE for my business
Very cool. If you need any help, let me know!
Very informative. Will be watching again. Thanks!
I still want to build a car wash. This video gives me hope. I like the lower fees and lack of a bond needed. Thanks.
Awesome video as usual. I’m not a fan of them changing the preferred lender’s processes they could have made the approval process less strenuous for non preferred lenders.
Great video!!!! Thank you
Very good synopsis that does not skip over the key details. Well done.
Priceless!
love your page
Thank you for the updates for 2023!
Anything we should be aware of for 2024?
Thanks, Ray.
Great video
Great video Ray as an SBA lender the SOP can sometimes be a different language.
Thanks for the info. Question: is there a way to waive the personal collateral requirement for a 7a loan for a startup business??
No but if the loan is fully secured with business assets, personal collateral is not needed. For example, you’re at 85% loan-to-value on commercial real estate.
ALSO: SBA 7a loans $500k and under don’t have the personal collateral requirement
Can you please clear up the Eligibility issue on Pg 13 of the SOP.
Not sure what you mean
@@SBA_Ray
The first thing this SOP addresses is the eligibility requirements. To me, this is the most overlooked element of this SOP.
Would an SBA 7a loan allow you to put less than 20% down if you wanted to purchase a building for your business? Wondering if it is possible to do 100% financing with no cash down if the business has adequate cash flow?
1000% yes
Can a 7a be used to refinance existing debt?
Yep
@@SBA_Ray do you need 20% when getting a loan to consolidate existing date?
Which loan do you recommend thru the sba if i needed a million dollars to expand my building because we are growing? We own the building.
Most likely that’s a 7a loan however could be a 504. Do you have a mortgage? Email me at ray@artofsba.com - id be happy to help!
@@SBA_Ray no mortgage
Are there any loans for a start up?
Start ups are eligible
@@SBA_Rayhow do we find a lender?
Do EIDL loans effect your $5M cap?
@@mistrgekko nope
WHAAAAAAT!?!?!?!?!? Bro, I NEED an update on that affiliation rule!!!! Is that for real!?!?
I still haven’t done one first hand but I’ve confirmed this with multiple sources including a lender that has done it first hand. So looks like it!
That is MAJOR!!!!
So, enough experience mitigates risk to where no cash is acceptable
I don’t think any lender is going to do a deal where the buyer has 0 skin in the game but in the cases of a manager buying the business you can make the case that the buyer has sweat equity in the biz which is a form of skin in the game
Hi, have a small candles manufacture in Florida and I need some some capital to be opening our first kiosk in the mall. That our plan is to turn in to a franchise store. Can you help us? Nedia
🎉🎉🎉🎉😅
Can’t believe you have more subs than me
@@SBA_Ray you gotta wrestle your wife to get these numbers. ;P
Thomas Ronald Williams Shirley Hernandez Ronald
Submitted my info on your webpage. Hope to hear from you
Hi Ray I'm needing help trying to get a 7a loan for my business. how can I contact you if it's possible. great video by the way 🙏🏻
@@ivandarioify email me at ray.drew@truliantfcu.org
How can I get in touch with you in regards to this topic?
Go to www.sbaray.com and get in touch!