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." -------------------------------------------------------------------------------- WISPA Wants You! Join today! http://signup.wispa.org/ -------------------------------------------------------------------------------- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/