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Margins in Mulch: Buying a $1m Erosion Control Business
Acquiring Minds
SBA Loan Approval Challenges for Project-Based Businesses
- SBA loan approval for project-based businesses can be challenging due to banks' risk assessment.
- Banks evaluate businesses differently, considering industry types and cash flow requirements.
- Recent financial performance heavily influences loan approval, with some banks focusing on the last three years.
- Finding a bank that believes in the business and the owner is crucial for securing an SBA loan.
- First Internet Bank approved the loan despite concerns from other lenders about the project-based nature of the business.
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