Your Guide to SBA Loans

By William Manzanares | March 15, 2023 |

“The lending process is a mystery, but I’m here to peel back the onion and dive deep into the details to help educate people.”

In this episode I welcome Paul Long, a 26-year banking industry veteran and SBA lending manager at a local credit union. He is on a mission to reveal the mysteries of the lending process and help small business owners understand it. Today he helps us by dispelling some of the myths and misconceptions about SBA loans.
After years of working in banking, Paul decided to focus on business banking, specializing in SBA loans. He found a love for educating business owners about the benefits of loan programs like SBA, which require lower down payments and longer terms than traditional loans. There are many financial resources small business owners tend to overlook, like getting help restructuring their balance sheets, purchasing equipment, acquiring another business, and purchasing commercial real estate.

Now Paul works for a local credit union as an SBA lending manager. He is passionate about helping businesses grow, expand, and acquire a business. He helps business owners bust the myth that SBA loans take too long, and educates them on the programs available, and understand how to qualify.

During our conversation Paul acts as a guide to the benefits of SBA loans and how they can help your small business grow.

In this episode, you will:

Discover the mystery behind the bank lending process.
Learn how to qualify for an SBA loan.
Get the facts on PPP and EIDL programs.

Paul is dedicated to helping businesses succeed, and offers his expertise and guidance on his website and LinkedIn.

“SBA loans provide lower down payments and longer terms to help small businesses grow, expand, and acquire a business.”

Episode Highlights:

[00:04:02]
Paul: The biggest thing with SBA is you can have longer terms and lower down payments.

[00:05:57]
What the government wants to do with SBA is to help small businesses grow, expand, and acquire a business. It is for owner occupied businesses. That creates tax revenue that creates, hopefully, more jobs for the business.

[00:06:40]
For the most part, most businesses qualify. Anything adult related in a sexual nature is out. Anything religious is ineligible, anything that’s investor is ineligible.

[00:11:30]
Paul: Make sure your numbers are in line. Make sure that you have up to date financials and your tax returns are filed. Every small business owner should have a relationship with a business banker or commercial banker. There’s pros and cons to each program, so you got to make sure that which program works for you.

[00:15:38]
I primarily work with business owners in Washington, Oregon and Idaho. If you are in those states and you need support and help in those areas, definitely get in contact.