SBA 7(a) Lender Loan Broker Survey Results

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!