170 - What You Need to Know About SBA Loans in 2023 with Gonzo Garzon & Cashin White

Aug 5, 2023

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Khalil and Martin

The Cashflow Contractor Podcast

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An opportunity to grow your company may present itself to you, as a business owner, but what if you lack the necessary funding to pursue it? Securing an SBA loan might prove beneficial!

BOK Financial's Gonzo Garzon and Cashin White join Martin and Khalil to discuss what business owners need to know about SBA loans in 2023.

Time Stamps

00:47 - Intro to Gonzo Garzon
02:47 - Gonzo Garzon's Professional Background
04:45 - Intro to Cashin White
05:41 - Cashin White's Professional Background
07:03 - Understanding SBA Loan
10:45 - Advantages of Getting an SBA Loan
13:05 - Owner-Occupied Real Estate Loan
20:40 - Qualifying for a Real Estate Loan
31:43 - Getting a Loan for Acquisitions
40:15 - 4 Types of Change of Ownership Loans
50:32 - Personal Guarantees
52:41 - Getting a Loan for Working Capital
57:56 - Episode Takeaways
01:01:15 - Get in Touch with Gonzo & Cashin

Quotable Moments from the Show

"I've always liked it [SBA Loans] because it allows us to do a couple of things that bankers aren't known for, and that's being creative and flexible. So always try and keep one foot in SBA lending." - Cashin White
"The first question that I will encourage business owners to ask a bank if they're looking for an SBA loan is, are you a preferred SBA lender? And what really that means is SBA is giving a designation authority to the bank to make the final credit decisions." - Gonzo Garzon
"As business owners, sometimes you come across opportunities and maybe you don't have the cash really to buy that property or that building that you wanted to buy at that time, because, you know, typically a conventional, we require you 20 or 25%. Then boom, then you can use SBA because today you only have 10, 15% to you." - Gonzo Garzon
"The best way you can show well to your lending institution is that you've got your stuff together and that's going to manifest in the quality of your financials and the timeliness of it." - Cashin White
If growth is your goal, attaching your wagon to the right horse early on is very important." - Cashin White

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