On Jan 3, 2009, at 3:22 PM, Tom DeReggi wrote:

> Chuck, I will contact you offlist. I have some question.

Sure, be happy to answer whatever I can.

> I have not tried SBA recently, and its time that I probably should,  
> before I
> critisize the program.
>
> My point was... In past experience.... SBA enabled guaranteeing very  
> low
> rates, but SBA could sometimes be harder to get than traditional  
> loans, as
> SBA required more documentation. Very few SBA loans get defaulted on,
> because they have such strong requirements. I found the same thing  
> with RUS
> loans.  The misconception by many is that SBA gives loans, which is  
> not the
> case. SBA guarantees other bank loans. So those banks are giving  
> loans at
> lower interest than they normally do, because of the SBA's  
> guarantee. But
> the SBA still wants to cover themselves similar to any other lender.  
> It does
> not get the borrower off the hook for proving credit worthiness, by
> traditional industry methods. What I always found Ironic was that to  
> get the
> SBA loan, one had to prove they were turned down by other lenders.

Maybe they have several different loan programs? I've never been  
turned down for a bank loan but I wasn't asked that question in any  
case.

Chuck

--------------
Chuck Bartosch
Clarity Connect, Inc.
200 Pleasant Grove Road
Ithaca, NY 14850
(607) 257-8268

"Eagles may soar, but weasels don't get sucked into jet engines."





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