Insights for What’s Next: National Small Business Month Q&A with Bryan Jasin
May 2, 2023
For many aspiring or current small business owners, a Small Business Administration (SBA) loan could be the ideal financing solution. Bryan Jasin, senior vice president and head of business banking, talks about the benefits of working with a preferred SBA lender, Northwest’s support for small businesses, and what we’re seeing in the small business loan market.
For people interested in starting, acquiring, or expanding a small business in 2023, what loan options should they know about?
SBA loans are a great option for many small business owners at any time. In today’s uncertain economic environment, they may very well be the best solution. That’s because SBA loans deliver a variety of flexible features and benefits that are especially helpful now to small business owners.
As a qualified preferred lender with the SBA’s loan program, Northwest can provide many flexible loan opportunities tailored to a customer’s unique situation and needs. For example, compared to conventional loans, SBA loans feature longer terms, require down payments as low as 10% for most transactions, and remove barriers and risks associated with the lack of collateral coverage.
SBA loans also mitigate risks for businesses operating in industries that may be considered too risky for conventional financing. In addition, a single SBA loan can cover an unlimited number of transaction types that would otherwise require separate loans for each.
SBA loans can be approved for up to $5 million.
What are some of the other ways that Northwest supports small businesses?
Beyond serving as a preferred SBA lender, we offer other financing options including lines of credit and loans for specific purposes. Using our Northwest 360 for Business model, we collaborate closely with our customers by taking a comprehensive view of their business and creating the right plan and solutions. Most importantly, we are committed to small business success because we appreciate and understand the essential role that small businesses play in supporting communities, fostering job growth, and enhancing quality of life—which are the same goals of Northwest in our communities.
Our mindset is to say “yes” to our small business customers and find the best solution, including suggesting alternatives when a more suitable opportunity exists
What are you seeing in the small business loan market?
We continue to see steady interest and activity at all points along the business life cycle, from people starting or acquiring a business to expanding their locations or purchasing new equipment. We’ve seen an increase in loans for specific purposes such as acquisitions and buyouts of existing small businesses as current owners are activating their succession or retirement plan. We’re also seeing people pursuing a second career by purchasing an existing business and people exploring opportunities in social entrepreneurship.
The small business loan market remains robust, reflecting the many contributions that small businesses make every day.