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The recent changes to the SBA lending program can be difficult for buyers and sellers to follow, and today on Transaction Talk, we welcome Senior Relationship Manager at Webster Bank, Kathleen Kelly, to discuss what they should know regarding the new market update. Tuning in, you'll hear Kathleen share some of the most significant changes to the SBA lending program buyers need to note, how these new requirements will affect sales, and more! We delve into why Kathleen is so excited about the new requirements allowing for true-ups before discussing what changes for businesses that have real estate. We even touch on some of the other changes, such as how long a seller stays on as a consultant, debt changes, and more! Finally, Kathleen leaves listeners with a tip of the day! Thanks for tuning in!
Key Points From This Episode:
- Welcoming Kathleen Kelly of Webster Bank to the show.
- A discussion about the most significant change to the SBA lending program, effective 10/1.
- Why she thinks some of these new requirements will make closing take longer.
- How the equity injection component has changed with the new requirements.
- Why Kathleen is excited about the new allowance of true-ups in working capital.
- An explanation of the changes that will affect businesses that have real estate.
- A breakdown of some of the other recent changes to the lending program.
- Kathleen shares a major takeaway for listeners regarding all this information.
Tip of the Day: When selling a business, make sure you file your taxes in advance to avoid holdup in closing, and if there is uncertainty about revenue, use a clawback provision seller note!
Links Mentioned in Today's Episode: Kathleen Kelly on LinkedIn
Kathleen Kelly Email Address Jennifer Fox on LinkedIn
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