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Khalil and Martin
The Cashflow Contractor Podcast
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An opportunity to grow your company may present itself to you, as a business owner, but what if you lack the necessary funding to pursue it? Securing an SBA loan might prove beneficial!
BOK Financial's Gonzo Garzon and Cashin White join Martin and Khalil to discuss what business owners need to know about SBA loans in 2023.
Time Stamps
- 00:47 - Intro to Gonzo Garzon
- 02:47 - Gonzo Garzon's Professional Background
- 04:45 - Intro to Cashin White
- 05:41 - Cashin White's Professional Background
- 07:03 - Understanding SBA Loan
- 10:45 - Advantages of Getting an SBA Loan
- 13:05 - Owner-Occupied Real Estate Loan
- 20:40 - Qualifying for a Real Estate Loan
- 31:43 - Getting a Loan for Acquisitions
- 40:15 - 4 Types of Change of Ownership Loans
- 50:32 - Personal Guarantees
- 52:41 - Getting a Loan for Working Capital
- 57:56 - Episode Takeaways
- 01:01:15 - Get in Touch with Gonzo & Cashin
Quotable Moments from the Show
- "I've always liked it [SBA Loans] because it allows us to do a couple of things that bankers aren't known for, and that's being creative and flexible. So always try and keep one foot in SBA lending." - Cashin White
- "The first question that I will encourage business owners to ask a bank if they're looking for an SBA loan is, are you a preferred SBA lender? And what really that means is SBA is giving a designation authority to the bank to make the final credit decisions." - Gonzo Garzon
- "As business owners, sometimes you come across opportunities and maybe you don't have the cash really to buy that property or that building that you wanted to buy at that time, because, you know, typically a conventional, we require you 20 or 25%. Then boom, then you can use SBA because today you only have 10, 15% to you." - Gonzo Garzon
- "The best way you can show well to your lending institution is that you've got your stuff together and that's going to manifest in the quality of your financials and the timeliness of it." - Cashin White
- If growth is your goal, attaching your wagon to the right horse early on is very important." - Cashin White
Resources
More from Gonzo Garzon & Cashin White
More from Martin
More from Khalil
More from The Cashflow Contractor
What is The Cash Flow Contractor?
If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges.
We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.