Look for These “Incredible” Qualities in an SBA Lender
If you’re in the market for a small business loan, a qualified SBA lender can bring a variety of superpowers to the table.
This summer's box office hit, Incredibles 2, explores what happens when seemingly ordinary people possess extraordinary abilities. Each member of the Parr family has unique powers that prove useful at different times in the film.
In real life, as in the movie, there are many ways to be incredible. When it comes to small business funding, an incredible U.S. Small Business Administration lender has the determination, passion and prowess to help businesses secure the financing they need to thrive.
Choosing the right SBA lender is important because, while your SBA loan is backed by the Small Business Administration, it is your bank that will be on the front lines working to get capital for your company and making the credit decision.
For your small business’ funding needs, seek out an SBA-approved or SBA-preferred lender with these incredible qualities:
SBA Super Power 1: Experience.
As the ultimate superhero, Mr. Incredible, aka Bob Parr, is continually sharpening his skills and learning new life lessons. Similarly, the ultimate SBA lender has a proven track record of facilitating SBA loans, which have different requirements than traditional bank loans.
Ask potential lenders how often they make SBA loans and what the dollar range is for those loans. You can also request the loan approval statistics from your district SBA office to get the facts about SBA lending activity in your area.
SBA Super Power 2: Flexibility.
Dexterous and resourceful, Elastigirl, otherwise known as Helen Parr, is at the top of her game — and you should expect nothing less from your SBA lender. A good loan officer will stretch and bend Elastigirl-style to find the right SBA loan program for your startup or established business and to deftly maneuver through SBA documentation. Because the loan approval process and timelines vary among banks, find out how it works with a particular institution before applying for a loan.
SBA Super Power 3: Loyalty.
Eldest child Violet Parr keeps danger at bay by projecting a purple-tinged force field around herself and her loved ones. The best SBA lenders exhibit the same fierce loyalty toward their clients, helping educate you about the process so you can avoid or overcome common financing obstacles. They also extend a layer of protection around your loan by offering competitive interest rates and favorable loan terms.
SBA Super Power 4: Speed.
Since your loan financing can’t be personally delivered by the lightning-fast legs of Dash Parr, middle child of Helen and Bob, select a lender who makes loan decisions locally and efficiently. For even swifter service, opt for a bank that deals in SBA Express loans, which have a streamlined approval process and super speedy turnaround times.
SBA Super Power 5: Shapeshifting.
Shapeshifting is the primary power of Jack-Jack, the youngest member of the Parr clan. Just as the formidable tot assumes forms from fireball to monster, an ideal SBA lender will take on various roles, including facilitating cash management and checking and savings accounts. Using the same financial institution for all your business needs helps you streamline your banking and form a long-lasting business relationship.
In your search for an incredible financial partner, look no further than Zions Bank’s super SBA lending team. As an SBA Preferred Lender and the top provider of SBA 7(a) loans for 24 consecutive years in the Utah District and 16 consecutive years in the Boise District, Zions Bank’s team of experts can help you find the right SBA loan to fit your business goals, needs and situation.
In fiscal year 2017, Zions Bank approved 301 SBA 7(a) loans in Utah and Idaho, totaling more than $46.1 million. Zions Bank approved 17 percent of the SBA-backed loans in Utah and 19 percent of the 7(a) loans approved in the Boise District, with an average loan size of $160,000, a strong indicator of the bank’s support for small businesses in Utah and Idaho.
Additionally, Zions Bank continues to be a leader in marketing SBA loans to women- and minority-owned businesses, which accounted for 37 percent of the loans approved by Zions Bank in Utah during fiscal year 2017.