NJBiz posted this story reporting on the substantial increase in SBA loans approved in New Jersey in the quarter ended June 30th. This is great news for small business, of course.
One of those loans approved was a $500,000 term loan under the SBA 7(a) program to one of my clients! My client’s business is growing fast and in need of working capital to continue their expansion. They are profitable, have positive cash flow and positive equity on their balance sheet. However, it is a relatively new business – not quite old enough to clear banks’ hurdles for traditional lines of credit.
After “shopping” their need to a group of banks, one banker was creative enough to suggest the SBA term loan approach. While the application and approval process was time-consuming and sometimes trying, we got it over the finish line to closing a few days ago. Now my client can enter the second half of the year confident in accepting the major new business their customers are sending their way!
Most small business owners think that bankers are their enemies. Having helped found a new bank and been on a bank Bord of Directors, I have an intimate knowledge of how banks and bankers work and think. This helps me make bankers our friends and allies.
If you or a business owner you know would like to talk about your banking needs and relationships, give me a buzz!