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Video instructions and help with filling out and completing Sba form 413
Contrary to what many people think the SBA does not loan money directly to small business owners the loan actually comes from a bank and it's backed by the SBA allowing the bank to take a little more risk than they otherwise may do today's guest has tips if you are applying for an SBA loan at a bank Brandon Hinkle is the CEO of pleura financial com a free online matchmaker between banks and small businesses seeking commercial loans great to see you thanks for having JJ great to be here so that's the biggest misconception right I'm getting an SBA loan it's coming from the SBA that's right a lot of people assume that when they're getting SBA loan the check is coming from the government from the SBA but that's not the case they're actually working with the bank so basically what happens is the bank will you know rely on the guarantee from the SBA but you still have to get a loan decision from the bank they still have to look at the credit criteria in the cash flow and then they're really it's really designed to help those people that have a good amount of cash to repay the debt but maybe don't have the collateral or years in business to justify the loan so the government will help and when you go to the bank would you go and say hey I'm looking for SBA back alone or would they steer you in that direction once they see your business plan and talk to you so if you go to the SBA the SBA will say you've got to you know go talk to an SBA lender that you've got to go talk to let's say US bank or some other banks out there that do SBA loans and then those banks will say the most appropriate deal for you is let's say an SBA called a 504 loan or a 7 a loan or there's certain SPO products they'll recommend so that the SBA will literally tell you to go to a bank got it and that's the other thing there are all kinds of products it's not just one kind of SBA loan should you do that research ahead of time or should you rely on the bank to steer you in the right direction you should definitely do some research before time but rely on the experts remind the bank to really helps give you the right direction because again there's the 504 loans which are really meant for real estate and fixed assets and then there's the working capital loans that are really sespe a 7 a loans that helps with you know leasehold improvements and things like that so you really want to make sure you're getting the right product for your business if I could go through this process and get a non SBA loan or an SBA loan is their benefit to one or the.