4 Common SBA Loan Challenges & How to Avoid Them

The root of all SBA challenges, from the horrible approval rate, to the long gaps in funding, to the inexplicable reliance on applicants to figure out the incredibly complex SBA process for themselves, stems from the incompetence and dispassionate practices of most SBA lenders.
The horrible truth is, no small business owner would be rejected from getting the SBA financing they need to grow if they had the connections and tools necessary to make it happen.
Banks and other SBA lenders have these tools and connections at their disposal, but refuse to provide them to small business owners the same way they would to bigger, million-dollar businesses (despite the name “SMALL BUSINESS” being in the freaking title of the loan).
The good news is, with the introduction of the Hybridge SBA Loan™, NBC has the same tools and connections, which they use to make SBA funding easily accessible for all main street businesses—and happen faster and simpler than anyone else.
Read on to find out how NBC helps you avoid the 4 most common challenges business owners face when applying for an SBA loan!

4 Most Common SBA Loan Challenges

  1. Complex Process. Endless Paperwork. The vast amount of paperwork and red tape banks and other SBA lenders dump on their clients to figure out for themselves isn’t only irresponsible and dangerously time consuming, it’s straight-up unethical.
    No one who isn’t in the SBA industry should be left alone to figure out how to correctly progress through the process—messing something up could prove fatal to business owners who have never gone through it before.
    Without years of SBA experience under your belt, properly navigating through the infamously long and complicated SBA process can prove to be not only a huge time-wasting burden, but an impossibility.
    NBC’s Solution: It’s actually really simple—NBC gives you all the help you need! When you apply for Hybridge SBA financing through NBC, you get 24/7 access to a team of Business Financing Advisors throughout the funding process, from start to finish—along with world-renowned industry-leading SBA lenders in the global marketplace. They’ll help you by:
  • Minimizing Paperwork Requirements with In-House Preparation
  • Ensuring You Get Offers with the Largest Amounts, Lowest Rates, and Longest Terms on the Market
  • Risk-Reducing Advice
  • 24/7 Guidance ThroughoutNo more worrying about filling out paperwork correctly. NBC’s team will do all the boring, time-consuming stuff for you—and they’ll get it done right.
    With the team at NBC at your back, you’ll be assured the smoothest, fastest ride to your SBA funds possible, with absolutely no hiccups.
  1. Denial Due to Bad Credit.
    First of all—by “bad credit,” banks mean anything less than absolutely perfect. But no business is perfect, and credit isn’t everything.
    Banks and other lenders follow these ridiculous and arbitrary standards set by people who don’t understand—and have little to no connection to—the needs of main street businesses.
    NBC’s Solution: As a small business itself, NBC knows personally the crazy amount of hassle most business owners have to deal with when it comes to business funding.
    So NBC made getting an SBA loan with lower-than-godly credit scores finally possible for all small business owners. All you need is a business credit score of 685 or above. That’s really it.
  1. Tax Liens & Missed Payments.
    Even if you have exceptional credit and you’re making rock star-level sales, something as small as a tax lien or past missed payment can trip up even the biggest business titans seeking SBA funding.
    NBC’s Solution: Use the Hybridge SBA Loan’s bridge capital—accessible in as little as 24 hours after applying—to pay off your tax lien, pay off your vendors, or do whatever you need to do to get your company financeable for an SBA loan!
    Then once you get funds from your SBA (in as little as 45 days through NBC’s revolutionary expedited process), you can immediately pay off any capital left over from your small business loan.
    Or you can continue using these extra funds to grow and develop your business! The decision is yours. It’s a win-win!
  1. Long Wait Times to Funding. Although the terms of an SBA loan may be the best course of action for many small business owners, those who seek funding to accomplish challenges and seize opportunities immediately often wind up disappointed.
    Why? Because banks and other lenders are comically slow when it comes to processing SBA loans. Traditional lenders typically take 6 months or more to get their clients access to SBA loans, making taking immediate advantage of an opportunity for growth impossible.
    NBC’s Solution: Fortunately, NBC’s Hybridge SBA Loan comes with 2 fixes to the challenge of dealing with a large gap in funding.
    First, business owners who apply will receive immediate access to bridge capital in as little as 24 hours. They can use these funds to take care of whatever short-term goals they wish to accomplish.
    Secondly, NBC’s expedited Hybridge SBA process can get business owners SBA funds in as little as 45 days—that’s less than a third of the time typically needed by banks and other lenders to process SBA loans.

Hybridge SBA Loan Timeline

4 Common SBA Challenges and How to Avoid Them

Make SBA Challenges a Thing of the Past

Sounds a whole lot better than what you’re used to, right?
Call (877) 482-3008 to speak with a Business Financing Advisor today, or fill out this 1-page application online to get the SBA ball rolling!

National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Matt Carrigan

Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!

Dislcaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.