Bob Coleman Interviewed by Sean Murray at deBanked
April 8, 2024
Delaney Sexton
Contributing Editor
Bob Coleman Interviewed by Sean Murray at deBanked
“As in anything else, once you master the learning curve, you’re fine,” says Bob Coleman. “The reason why SBA lending is difficult is you may not know the rules.”
And that’s where Coleman comes in, a former lender turned news source and educator of SBA loan brokers, he offers his own online course called the Certified SBA Loan Broker Training, which is open to commercial loan brokers of various backgrounds that want to master SBA. Without training, brokers unaccustomed to the process can get lost and bogged down if they try to figure it out on the fly.
For instance, “If you drop something off at your lender, the lender is going to come back with 15 things and you may not know exactly what they want,” Coleman says, “and therefore the difficulty arises when you don’t know exactly what the lender wants and you ask the borrower and then it becomes a long drawn out affair.”
It’s precisely this scenario that scares brokers accustomed to light paperwork and perks like 2-hour approvals in the short-term working capital space from even attempting to try their hand at SBA. But even the merchants can be scared off by a longer more arduous process. Coleman also acknowledges that there has been a collective awakening throughout the mainstream commercial finance space that speed is on every business owner’s mind.”
Bob Coleman will be speaking alongside Sean Murray at Broker Fair New York City on May 20 if you’d like the opportunity to learn more from him and pick his brain in person.