I recently talked with a new doctor who said he finally got his business loan, but that he was dismayed by the finger pointing that went on between the bank and the SBA.
The bank blamed the SBA for not approving the loan.  The SBA said, “We think your education and experience as a professional are a valuable asset and we would gladly guarantee your loan.”  When the grad took the SBA letter to this effect back to the bank, they hemmed and hawed and said they still would not give the loan.  So who was the culprit here?  As usual, it’s the bank.

I have heard of SBA people saying “We don’t guarantee new businesses” (then why are they in business?!?!) but for the most part, it’s the bank that drags its feet.

The grad didn’t go to three banks, because at first the bank was very welcoming and made lots of promises.  When it became clear they weren’t interested, he quickly went out and got three more banks.

Bottom line:  Even if one bank promises you they love you, go to several banks and check out the SBA yourself. 
And report back to me! 

More on “Sources of Funds” and strategies for getting a bank loan in Planning for Practice Success.