SBA Loan Statistics 2019 Q2
Here at Rogerson business services, we often talk about the fact that you will need financing to buy a business, and your buyer will need it if you are selling a business. We also understand that you don’t just need a lender, you need the right lender.
That’s why each quarter we will be providing you with some statistics and a list of the lenders who are approving SBA loans, most specifically 7(a) loans, the most common type of loan offered to someone who is buying a business.
Why? The financing of your business will be one of the most important decisions you ever make. Here is a breakdown for you as of June 30, 2019.
What does this really mean? Well, when you are looking for financing, you need to look at what banks are issuing loans and for how much. That will give you a good idea if the lender is a fit for you and the business you are buying.
You can find this information through the Small Business Administration Sacramento District office, or the District office in your area if you are not in California. If you want to know the average size of the loan the bank is issuing, it is a matter of simple math. It is also simple enough to call the bank and ask.
It is worth noting that not all of the top lending banks are big banks like Wells Fargo and U.S. Bank. There are several smaller banks, and even some who specialize in SBA lending. Don’t be afraid to ask around or inquire at your local bank about rates and terms when you are looking to buy a business.
If you are a seller, this information can be good to have on hand and supply to any interested buyers. The more you can help a buyer with the financing process, the quicker your business can close, meaning you can move on to the next chapter of your life. It also helps to know if your buyer is really a qualified buyer.
If you find this information useful, share it with a friend. If you are ready to sell your business, and need a business broker, contact us here at Rogerson Business Services. If you’re ready to buy, contact us to find out what businesses we have for sale in your area. We might have just the business you are looking for.