Franchise Business Radio: Dan Pace has over 30 years in the lending industry. He has a true passion for entrepreneurship and helping others achieve their dreams of business ownership. In this interview, Dan provides insight and understanding of SBA loans.
Dan Pace has over 30 years in the lending industry. He has a true passion for entrepreneurship and helping others achieve their dreams of business ownership. First Financial offers a full range of lending products including SBA, Rollover, Commercial Real Estate and Working Capital loans.
In this interview, Dan provides insight and understanding of SBA loans. Below are some interview excerpts.
Currie: What makes an SBA loan an attractive option for financing?
Pace: You have to understand the basics. Most clients think that the money comes from the federal government and that’s who is funding their loan. One of the first things I try to educate is that the government is not giving you money; they’re just the guarantors of the loan.
The SBA has what’s called Standard Operating Procedures guidelines. The guidelines are followed by every bank in the U.S. So, with that being said, they’re giving incentives for people to go out and open businesses. Sixty percent of employment is done through the small businesses in the U.S. That’s an amazingly high number and the government is there to help. First Financial explains it and educates once again about how the SBA works and how we work hand in hand with the SBA, but it’s the bank’s money.
If you look back at your school days, we used to have 101 class, 102 and 103, and that’s what we do at First Financial – is help understand what the SBA is all about and in banking terms, not going on to Google and reading about SBA, because it’s very confusing. There is definitely a lot of paperwork, but most lending institutions, especially First Financial, helps you.
Currie: When considering franchise business ownership, you need capital and a wise investment strategy. In addition, to receiving guidance on funding a business there is value in receiving guidance on selecting a business. As a Certified Franchise Consultant, I coach on how to effectively select a business, and having a funding strategy is an important part of that process.
First Financial is a funding partner and I asked Dan to be a guest to offer insight to Franchise Business Radio listeners who want to understand more about SBA loans. Listen to this podcast to learn about topics such as:
- Advantages of a SBA loan versus other funding methods
- What the government is doing to help encourage small business lending
- What makes a good candidate for a loan
- How an SBA loan can be used
For the complete interview, tune in to FranchiseBusinessRadio.com.
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Pamela Currie has 20+ years in franchising. As a Certified Franchise Consultant, Pamela helps individuals make an educated and informed decision when selecting a franchise. Pamela enjoys being a resource and partner in helping people find a franchise that aligns for them. Interested in franchise ownership? Contact Pamela at Pam@FranchiseIntellect.com for a complimentary consultation.