Watch Here: https://youtu.be/wRejWIStEzw

About the Guest(s):
Ray Drew is a distinguished SBA lender with a career spanning over a decade. Beginning his journey at the young age of 22, Ray has carved a niche for himself in the small business financing sector, emphasizing SBA 7(a) loans. Throughout his career, he has facilitated millions in financing for small business acquisitions. Currently, he is a leading figure at Trueliant Federal Credit Union, a nationwide SBA lender. Ray is also known for producing educational content on his YouTube channel, SBA Ray, and hosting the podcast, The Art of SBA Lending.

Summary:
In this episode of the How2Exit Podcast, host Ronald Skelton chats with Ray Drew, an expert in SBA lending. Ray discusses the surge in SBA-backed business acquisitions since COVID-19 and shares insights on the loan process, borrower prerequisites, and the evolving small business market. They cover key aspects of acquiring businesses, the role of experience, and the due diligence needed for successful financing. Ray also shares real-world examples, offering valuable advice on navigating challenges and the importance of a knowledgeable lender in complex deals.

Key Takeaways:

• Understanding SBA 7(a) Loans: SBA 7(a) loans are a critical tool for small business acquisitions, offering favorable terms and support for borrowers who may not qualify for conventional loans.
• Importance of Experience: While relevant industry experience isn't always mandatory, having managerial skills and a solid understanding of business operations significantly increases the likelihood of loan approval and business success.
• Thorough Due Diligence: Engaging in comprehensive due diligence and having a clear understanding of the business operations and potential challenges is crucial for any acquisition.
• Flexibility and Creativity in Financing: There are various ways to structure deals, including seller notes and bringing in partners to shore up experience gaps, offering flexibility to buyers.
• Choosing the Right Lender: Not all SBA lenders are the same. It’s essential to work with a lender who understands your business model and has a track record of financing similar businesses.

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Contact Ray on
Linkedin: https://www.linkedin.com/in/raydrew4589/
Website: https://www.sbaray.com/
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