9 ms·
I worked in the commercial department of a state financial institution and I loathed SBA loans. They were such a pain. Everybody hated them. Lenders, processors
by LeoTinnitus 7y ago
I worked in the commercial department of a state financial institution and I loathed SBA loans. They were such a pain. Everybody hated them. Lenders, processors, underwriters...but not the VP!
I mean I get but ffs why? Let the big companies do it. They're just a hassle.
- drsooch 7y agoThey're a hassle, but less risk for the primary lender. We worked with primarily smaller Banks, it makes sense for a small bank to work with the program.
- LeoTinnitus 7y agoYeah but most small banks don't have any understanding of what it all requires. It's not like an inhouse loan where if the borrower misses a payment they just show up on a report. You gotta jump though hoops and notify tons of stuff to the SBA about it. Not to mention everything needing to be perfect.