While most banks, as well as some commercial finance companies, offer SBA
loans, there are two specialized categories worth knowing about. These
are Certified Lenders and Preferred Lenders, both of which have entered
into contractual relationships with the SBA and officially participate
in the Certified Lender/Preferred Lender programs (CLP/PLP).
These lender programs were designed to
provide better response to borrowers looking for SBA
loans; they accomplish this goal by placing additional
responsibilities on the lenders for analysis, structuring,
approval, servicing and liquidation of loans, within
SBA guidelines.
About 850 lenders qualify for the SBA's Certified
Lender Program, having met certain criteria, the most
important of which, from the borrower's perspective,
is extensive experience in SBA loan-guarantee processing.
Certified lenders account for about 9 percent of all
SBA business-loan guarantees. Since the certified bank
does much of the SBA's work, the agency offers turnaround
times of three business days for processing the application.
Approximately 500 lenders meet preferred
lender standards. This group processes approximately
30 percent of SBA loans. Preferred lenders have full
lending authority and as a result can offer a one-day
turnaround on completed loan applications.
If you are seeking an SBA loan, your best
bet is to work with a certified or preferred lender.
The SBA-guarantee
process is tricky at best, and you want a lender who
has been through it more than once. To find certified
or preferred lenders, visit the SBA Web site at www.sba.gov
or call your local SBA office for guidance.
