In today’s episode if the Grow Money Business podcast, we have 2 guests from Golden Pacific Bank. Chris Boessenecker, the Branch Manager at Golden Pacific’s Downtown Sacramento branch and Joe McClure, Chief Banking Officer. Today’s episode is all about SBA Lending. Chris and Joe share their experience on the SBA system and some tips for making the process smoother. If you’re curious about whether SBA Lending is a good fit for your business as a way to obtain financing, stay tuned till the end of the episode.

 

 

Show Notes

[02:05] Chris & Joe share their background – Golden Pacific Bank’s nature of work, Chris’s background and Joe’s amazing journey to be the Chief Banking Officer.

[06:12] Creativity at work – Joe shares a story of how he had to get creative to serve one of their clients at Golden Pacific.

[09:36] SBA system in a nutshell – How it works, how the Small Business Administration shares the high risk of small business loans.

[12:41] Value of experience – Joe describes how they look for behind the counter experience in a particular field and knowing nuances of running a business when it comes to loans.

[14:02] How SBA program started – Chris walks you through a brief history of the SBA lending program and how it works as more than just a loan mechanism.

[18:25] Eligibility for a SBA Loan – Joe describes the requirements for the SBA loan program and some situations you can make use of the SBA loans.

[26:24] Legislative background of the SBA – SBA’s connection with the cabinet and its role in administration.

[34:16] Nuts & bolts of SBA loans –  Interest rates, premiums and other logistics & parameters.

[38:26] Guarantees – What sort of a guarantee you’ll need for a SBA loan.

[40:52] Defaults – Joe shares a couple industries that they see higher default rates.

[43:30] In case of a recession – Joe’s thoughts on when things might fall apart again and how to be prepared.

[55:34] Tips & tricks – Joe shares a few tips for preparing for a SBA loan.

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