In this episode of SBA Today, hosts Paul Long and Tonya Mazurek delve into pressing matters concerning SBA funds, specifically the disaster loan program following hurricanes in Florida. Their conversation covers critical financing programs, the necessity for Congress's action on additional funds, and the strategic importance of staying ahead even as the fiscal environment presents uncertainties like potential government shutdowns.

Paul and Tonya discuss in detail the distinct features between SBA's Working Capital pilot program and the Cap Line program, emphasizing the flexibility and advantages of the newly introduced program. Bringing into focus the benefits of the Working Capital program, they breakdown how fees, relationship-building, and training contribute to the financial landscape for lenders.

The conversation shifts to a spirited discussion on the synergy of industry experience, exploring which backgrounds could potentially transition into successful business ownership in various industries.

Key Takeaways:

🔸The disaster loan fund for SBA is currently empty, yet applications remain open—encouraging candidates to "get in line" much like at Disneyland, preparing for new funding.

🔸The Working Capital pilot program offers lucrative options over the Cap Line, such as annual fees and using LIBOR, aiming to make financing more accessible.

🔸Industry experience can greatly influence the success of ownership transfer in businesses—especially when considering lenders’ willingness to lend based on background synergy.

🔸Context and related prior experience are vital when a borrower from one industry seeks to dive into a different field or type of business ownership.

🔸Future-proofing loans includes understanding

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

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]