So, about SBA

I won't say that I have lost faith in our good old government lending division, the Small Business Administration, but the deal I just went though with them was a bit frustrating. They came back, as I mentioned in my last post, about needing experience. The said everything else looked great but that they really needed someone to sign on with the to help back it and that we should be good to go. Well, that is not exactly what happened in the end. We got our backer to send in his information today. When I got the call back, the local banker says that the SBA now wants to raise the rate almost 2 percent and also needs collateral to be put up by our backer. None of this was mentioned in the first place which is a bit disappointing. They had said the rate would be we were asking for it to be if our backer was worth enough which both banks we have worked with thus far have said was the case. We were offered a loan from a bank without SBA for 2 percent lease in interest rates. Anyway, to make my rambling short, SBA is out and we are moving on to the next option.