If you are considering a Small Business Administration (SBA) loan, you may have already discovered that the application process is quite complex. Applicants must complete a lot of paperwork, lenders have various requirements, and the SBA has its own rules, too.
That is where an SBA loan consultant can help! Like many successful business owners who are considering SBA loans, you might be wondering about SBA loan consultants: do you need one? Below, we will explore what exactly SBA consultants do and why you might wish to work with one.
What Does an SBA Loan Consultant Do?
SBA loan consultants are also known as loan packagers or brokers. Our team at Business Funding Group LLC (BFG) has extensive experience working as loan packagers to help business owners secure the loans they need.
But what exactly does an SBA loan consultant do? In short, their job is to simplify and speed up the loan application process for you.
At BFG, we can help you gather documents, match you with a lender from our vast network, and make sure your paperwork is complete and error-free. Instead of trying to figure it all out alone, our team of experts can help you through the process!
If you decide you need to engage the services of an SBA loan consultant at BFG, we can help by:
- Determining your eligibility
- Offering advice on which loan to pursue
- Gathering and organizing the required documents
- Ensuring the application meets SBA requirements
- Spotting issues before they reach the lender
- Identifying lenders that are a good fit and likely to approve your loan
- Reducing back and forth with underwriters
- Ensuring you avoid delays and stay on track
When Should You Work With a Consultant?
Most business owners decide to work with a consultant to avoid the trial and error of navigating the often complex SBA loan application process.
You may need to seek help from an SBA loan consultant if:
- You have never applied for an SBA loan before
- You are not sure which loan program is the best fit
- You want the best chance of approval
- You do not have significant time to dedicate to the application process
Business owners who have successfully closed on SBA loans in the past and are confident in handling complex forms and policies may not need a consultant. However, most business owners do not have time to become SBA loan experts—and they should not have to. That is our job, and we are here to help!
Why Not Just Work Directly With a Bank?
It is possible for business owners to apply for SBA funding directly through a bank. However, there are some disadvantages to this approach. First, banks are selective and may reject you even if you are a strong applicant. They also have little incentive to coach you through the process (as they get paid either way). In addition, they may only offer their own products, which can limit your term options.
If you decide that working with an SBA loan consultant would better meet your needs, our team at BFG can help. We package your application professionally— before it reaches the lender. In addition, we do not charge a fee unless you close on a loan—your success is our success! We also offer our clients a more personalized experience, professionally guiding you through the entire application process.
Contact BFG To Find Out Whether You Need an SBA Loan Consultant
Knowing when to seek expert guidance can have a lasting effect on your business—and securing funding is one area where professional help is essential. Before you begin the application process, you might be wondering about SBA loan consultants: do you need one? It is likely that you do!
At BFG, our goal is to make the process of securing an SBA loan as simple as possible. We take care of the paperwork so you can stay focused on your business. Estimate what your SBA loan could look like with our SBA loan calculator, and get started on your quick application today.
(917) 593-5013