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SBA loan expert Tom Lyons talks about everything related to SBA loans. He discusses recent changes to SBA guidelines, such as allowing partial ownership changes and zero down payment options. Tom shares advice and insights into the process of acquiring a business, qualification and compliance challenges, guidelines for an owner to remain involved in the business, contingent seller notes, how landlords impact the loan terms, and the importance of working with a preferred lender for smoother compliance and approval.
“The first bit of advice – make sure you are talking with an SBA-preferred lender.”
Tom Lyons
| Why is it important for a borrower to work with one of the preferred lenders? [4:10] | |
| What is the SBA 7(a) loan, and how does it differ from other SBA loans? [6:45] | |
| Is it easier to apply for an SBA 7(a) loan than a standard bank loan? [8:33] | |
| What are some of the most recent changes to the SBA guidelines? [15:21] | |
| What are the essential qualifications that must be met? [26:25] | |
| How does the third-party business valuation work? How do landlords factor in? [28:33] | |
| What are the limitations around a seller remaining involved in the business? [34:54] | |
| What documents are needed? What should the buyer expect through the process? [39:34] | |
| Term sheet versus commitment letter – what’s the difference, and when does each happen? [43:54] | |
| Who are the various people involved on the lender’s side? What are their titles and roles? [47:12] |
Tom Lyons is an SBA loan officer. In 10 years of working exclusively in government-guaranteed lending with Byline Bank, Tom has approved and closed over 112 deals for a total of $174 million. These loans have helped preserve over 200 jobs via refinance deals to companies in turnaround situations, included over 25 deals to other businesses either in startup or expansion mode, and facilitated 47 business acquisitions.
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