Learn More About the SBA Loan Leads Program
SBA Loan Lead Basic Filters
Filter on credit
Filter leads based on minimum credit requirements
Business age filter
You can filter the leads based on how old a business is
Filter on industries types that qualify for SBA loan guarantees
What are the different types of SBA loan leads?
With the SBA you really have to make sure you are picking the correct SBA Loan lead type that matches your lending goals. Generally speaking, if you are looking to purchase SBA loan leads you may find it difficult to filter those leads out with most lead providers.
There are several loan types with the SBA including general small business loans, Microloans, real estate loans, equipment financing, disaster loans, SBA export express loans, Community Advantage loans, Rural business loans and more.
Understanding what categories all of these leads fall under is a good place to start when either purchasing leads or generating your leads.
Are you choosing the right loan based on what type of borrower you are looking for? Let’s look at a top-down review of the different types of loans and what category they fall into.
SBA 7(a) loan leads
This SBA loan falls under the general small business loan type. These borrowers are will be looking for CAPLines loans. Export loans, Advance Loans, Community Advantage loan, and rural business loans.
Each loan lead in this category is going to be unique. If you are looking to specialize or be more of a broker identifying what category the borrower falls in will help with moving the loan closer to close.
You need to offer this type of borrower confidence that you know what you are doing and that you can close the loan.
SBA Microloan leads
The SBA microloan program is designed to give businesses smaller loan amounts. The average loan is about $13,000.
You need to be able to offer this borrower a fast loan and the payback is usually shorter time periods than traditional loans
SBA 504 loan leads
The borrower is going to want to buy fixed assets like equipment or real estate. A business can use this type of loan for improvements such as grading, utilities, street improvements, landscaping and parking lots. Any building or facility that needs upgrading or renewal improving and renovation would also be a good use for this type of lead.
The time required to close these loans can be lengthy, and the borrowers are typically prepared at least a little with what the requirements are. The loan amounts are much greater compared to the microloans.
Understanding the different loan types will help with filters and assist in determining if you can help the borrower or lead with closing their loan or pointing them in the right direction to find a lender that can assist them.
Typically when purchasing these types of leads, you should have some experience with SBA loan leads. However, you may have a program that you can put these types of borrowers in that is better than one of the SBA programs.