One could argue that entrepreneurship is an integral part of the American Dream—but just how easy is it to achieve that dream? Luckily for potential small business owners, the SBA and online lending options are making the dream an increasingly realistic possibility.

Stephen Speer, Founder, CEO and Online Business Acquisition Advisor of eCommerce Lending, joins us today to discuss what his world looks like in the online lending space, as well as how COVID-19 has impacted the industry.

In episode 3, season 2 of The Deal Closers, Izach and Stephen talk about the ins and outs of SBA loans, their limitations, and what goes into the process. Listen and find out some red flags buyers and sellers can look out for, and how sellers can best prepare to sell their business.

In this episode, you will learn:

How Stephen got started in lending and the path that led him to founding eCommerce Lending (01:13)
A little about eCommerce Lending’s acquisition process (05:11)
Why there are so few alternatives to financing outside of the SBA (06:57)
Some background information on SBA loans and the different types (10:34)
How a small business owner can go about securing an SBA loan from the right lender (14:06)
What the experience looks like for the buyer in the process (17:35)
Some challenges or issues that come up that could be a showstopper (22:04)
The impact of COVID-19 on the process (24:28)
What the minimum downpayment looks like for an SBA loan and the variations that may occur (26:26)

Resources:

Website Closers

Connect with Stephen Speer:

Connect with Izach Porter:

LinkedIn

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Exploring Small Business Lending 36:18 Share

The Deal Closers Podcast

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Exploring Small Business Lending