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Tennessee Falls Behind National SBA Loan Rate - Why? |
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For some time, I've been tracking SBA lending as it is crucial for buying a business or selling a business. The Nashville Business Journal today published the results of their study comparing total SBA loans made by state on a percapita basis. By one measure, the study calculates Tennessee is the seventh lowest in the nation at around $23 per person. Now it's important to remember that the SBA doesn't make loans, banks make loans. Nonetheless, the big question, not answered by the study, is: Why? |
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SBA Money Is Available If You Are Prepared |
We are hearing the same question from a lot of people these days: Can anybody get a loan to buy a business in this market? The answer is Yes but you have to be prepared. Amid the economic downturn, SBA fees are waived, and loan limits raised. In today’s market, when banks are very cautious, buyers and sellers of small businesses must make sure they have their "ducks in a row" if they want an SBA loan.
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Business Planning Process |
I was recently approached by a firm that wanted to "revive their business planning". Along with specific recommendations about the process and tools required, there was a larger context that needed to be explored: Strategic Planning. Oh, by the way, an important driver to the Strategic Plan is a target value for your firm when you exit.
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