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I am about to go forward to request SBA financing for my business. I have had 2 SBA reviews of my business plan, one from the content and another from the numbers point of view. I have had a face to face SCORE lender review where the VP of commercial loans for a regional bank reviewed my plan. The SCORE lender comment was "this is plan is ready to present and is very doable for financing." She has also been a customer in one of my other businesses.
Here are my two choices. I do not have a lot of experience in business financing and cannot seem to find a way to value certain intangibles.
A family friend is the lawyer that does a LOT of SBA closings for a huge regional bank, his relationship is very good with their commercial loan division and has offered to introduce my plan and finance request to their VP. The SCORE officer that reviewed my business plan and I spent 2 hours with is the VP of commercial loans and while I cannot use her as my loan officer I can use her branch, she was satisfied with my plan and has been a customer of mine in the past.
My issue is I cannot decide on who to use, do I go with the personal introduction to a VP or do I go with the VP I have spent time with? My business partners (wife and brother) are of the mind that we go with the personal introduction.
If you choose to answer would you give the reasoning for your answer?
Thanks in advance.
Does it really matter who you go with? The only question you have really is 1) who do you prefer to give that loan commission to and 2) out of the two, who can honestly get you a loan?
No matter which you pick, there is a good chance you might not get the loan and you may have to pick your second option; or, you might get the loan, but not happy with the interest terms. So why not try out both and see which is the better option instead limiting yourself to just one?
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