Expanded Options for SBA Financing!
We talked today with Jeff Campbell, Sr Vice President of Fidelity Bank. Jeff is a long time lender and has recently expanded their SBA department with the addition of Ann Franklin, an expert in SBA lending.
We started off by talking about a client of theirs, Ben Cowan, who was a guest of Poised for Exit podcast in the past and is owner of the 1-800-Got Junk franchise, among many other businesses. Jeff said that his advisory relationship with Ben has been integral in helping Ben creatively and flexibly acquire businesses over the years. Being flexible is a key component in business acquisition, Jeff says. He's a big fan of making sure that any acquisition makes good business sense, once the numbers have been analyzed. Not all opportunities make sense, afterall!
The SBA will soon be allowing partial business acquisitions (beginning around August of 2023) and that provides more options for the sellers, especially if they want to stay on with the company. The lending terms and requirements are forthcoming, so we'll be sure to cover that in another show!
Listen to the episode now.
Find Jeff and Fidelity Bank here
Thank you to our show sponsors! Sunbelt Business Advisors and Trust Point
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