In this lively episode of SBA Today, hosts Paul Long and Tonya Mazurek delve into a series of significant topics affecting the Small Business Administration (SBA) and its stakeholders.

On this timely broadcast airing during the week of April Fool’s Day, and filled with spirited banter, they kick off by thanking Rez Title, their new show sponsor. Resuming after Tonya's sun-filled vacation in Florida, where she enjoyed her time acting as the first mate on her cousin's charter company in Key West, they bring their audiences back to the pivotal updates in the SBA universe.

Throughout the episode, Paul and Tanya explore several crucial themes, from the recent job cuts at the SBA to the mandatory inclusion of birthdates in loan applications. They analyze the complexities of these changes, contextualizing them within the broader landscape of small business lending.

Additionally, they discuss the SBA's return to collecting fees on 7(a) loans, emphasizing the necessity for the program to stay financially independent and self-subsidized. Key insights are shared on young entrepreneurs’ reluctance to indulge in debt and the evolving relationship between business owners and financial service providers over time, based on data from the Federal Reserve's small business report.

Key Takeaways:

•  The SBA is cutting 2,700 jobs, impacting various levels of operations, though essential programs remain unaffected.
• A new procedural requirement now mandates that borrower birthdates be recorded in E-Tran, affecting loan application processes.
• The return of 7(a) loan fees aims to rectify the program's financial deficit, ensuring it remains self-sustained.
• Lending patterns show a shift from large institutions to smaller banks and credit unions over the lifespan of a business.
• Young entrepreneurs under 35 are notably averse to taking on debt, influencing the SBA's strategic adjustments.

🛠 Sponsored by Res/Title – your “One Stop Shop for SBA closings”. We’re your commercial title and closing company that provides you with the tools and technology to give you an instant quote and AI property reports on any deal in the nation. Whether it’s for $35,000 or $35 Mil, we handle closings anywhere in the nation with one point of contact. Get started today! https://res-title.com/

 

 Are you a business owner or prospective business owner? Let’s see how we can help you.

If your business or perspective business is in:

Washington, Oregon, or Idaho contact: Paul Long at Gesa Credit Union [email protected]

Colorado, Texas, Missouri, Florida, Arizona, and Tennessee contact: Tonya Mazurek at Midwest Regional Bank [email protected]

Disclaimer: The views expressed on this show are our own and not necessarily the views of our employer.