Demystifying the Small Business Scoring Service (SBSS) for SBA Loans
Demystifying the Small Business Scoring Service (SBSS) for SBA Loans:
The Investor Financing Podcast provides insights on securing funding for small businesses, focusing on the Small Business Scoring Service (SBSS) used to evaluate the creditworthiness of small businesses applying for SBA loans.
The SBSS is a credit scoring system that assigns a score between 0 and 300 to a business based on factors like personal credit history, age of the business, revenue, and industry.
A higher score indicates a lower credit risk for the lender, and the score is designed to provide a quick and standardized measure of credit risk. Other factors like the business plan, industry experience, and management team strength may also be considered by SBA lenders.
The SBA typically looks for a score of 155 or higher, but there are exceptions based on various factors. To increase the chances of securing SBA financing, small business owners can work on improving personal credit, building a strong business plan, choosing an industry with strong market demand, and demonstrating management expertise.
Commercial mortgage advisors can also help guide small businesses through the SBA loan application process. It is important to understand the guidelines of the SBA lender and the bank that offers SBA financing.
Are you a real estate investor or business owner looking to expand? Book a discovery call with Beau to learn all the ways he can help you - https://investorfinancingpodcast.com/rumble
Timestamps:
(00:08) Beau discusses Small Business Scoring Service (SBSS) that is used to evaluate the creditworthiness of small businesses applying for SBA Loans
(00:27) What is SBSS?
(00:37) SBSS score is a number between 0 and 300, with a higher score indicating lower credit risk for lenders
(01:07) Other factors such as business plan, industry experience, and management team strength are also considered by SBA lenders
(01:29) Practical tips for securing SBA financing include improving personal credit, building a strong business plan, choosing a successful industry, and working with a commercial mortgage advisor
(02:14) Understanding how the SBSS score is calculated
(02:18) Other factors considered by SBA lenders
(02:33) The SBA typically looks for a score of 155 or higher
(02:43) Working with a commercial mortgage advisor and direct SBA PLP lender is preferred as they make the decision in-house and follow SBA guidelines.
(03:40) To help you navigate the ins and outs of the SBA loan process
💥 Thanks for watching 💥
#SBA #SBAFinancing #SBSS #SmallBusinessScoringService
About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance all your projects.
About the Channel: Want to structure your investments in the right and secure way?
Learn great insights and make the right decisions through the Investor Financing Podcast hosted by Beau Eckstein.
-
4:11
Investor Financing Podcast
11 months agoSBA Financing: How to Secure a Loan for Your Startup Business
28 -
2:07
Investor Financing Podcast
1 year agoSBA Express Working Capital Loans: The Quick and Easy Way to Finance Your Business
27 -
3:54
UnwanaUdoh
1 year agoHow To Build Business Credit
72 -
42:17
TheFreedomChasersPodcast
1 year agoMaximizing Your Business Potential with SBA Loans: Insights from Beau Eckstein
37 -
4:23
The Jeremy Ryan Slate Show
1 year agoMake Your Business Credit Profile Stronger | Jack "The King of Debt" McColl
70 -
27:21
Business Credit
4 years agoBusiness Credit Building - Business Credit 2020
19 -
8:06
Build Business Credit
11 months agoMonitoring and Improving Business Credit Scores | Tips for Credit Optimization
11 -
15:54
Business Credit
4 years agoHow to Start Your Business Credit Profile - Business Credit 2020
7 -
3:22
Live Contact Leads | Local SEO Agency
1 year agoHow to Get A Small Business Loan Despite Bad Credit Ratings
126 -
2:34
Fast, Simple & Easy Small Business Loans to Take You to the Next Level
2 years agoThe History of Alternative Small Business Lending
23