(Businessweek) — 1. Choose an SBA-approved lender. SBA loans are typically easier to get and more flexible than conventional bank loans. They usually offer lower down payment requirements, longer loan terms, and lower monthly payments. If an SBA loan is the best option, choose an SBA-approved lender. The application and approval process is SBA-specific and having a lender with deep experience can save borrowers time, money, and aggravation. It’s also helpful if your lender has strong networks with other professionals such as attorneys, accountants, and builders. Having these networks in place can further streamline the process.
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