By Bob Coleman
Editor, Coleman Report
|The vast majority of the 70 takers from yesterday’s Coleman Report survey say they pay 1% to SBA 7(a) loan brokers for referrals. No one admitted to paying over 2%.
|And loan brokers are a significant source of SBA loans for a number of institutions.
Here are the balance of the survey answers:
Overall, are you satisfied with your experience with SBA 7(a) loan brokers?
Yes — 58%
No — 42%
Our institution will accept loan referrals from loan brokers for SBA 7(a) loans
Yes — 86%
No — 14%
A broker must be vetted and place on our approved loan broker list in order for us to accept the referral
Yes — 54%
No — 46%
Do you know it is your responsibility to check SBA’s website to make sure a broker is not disbarred or suspended?
Yes — 84%
No — 16%
p.s. It is your responsibility. Here is the website link.
Next week I’ll post your thought provoking comments.
Thanks to all who gave feedback!