Today, I’m talking with Jordan Richmond, a Vice President of SBA lending at Ameris Bank, where he specializes in goodwill transactions, which are especially relevant to internet businesses.
Jordan has been in banking for 18 years and is well-known in the SBA industry for his public speaking, and that’s actually where I first came across him.
Jordan co-hosted a great webinar with FE International (a business broker that specializes in mid-market SaaS, e-commerce, and content businesses) on how to use the SBA lending program to buy a business.
That presentation was a crash course on the ins and outs of SBA loans, so if you’re at all interested in this subject, go check that out. I’ll link to it in the show notes.
In our chat today, Jordan and I are going to build on that presentation and walk through more of the details on what the loan application and approval process looks like.
Topics covered:
- Introduction
- BRIEF overview of how SBA7(a) loans work for acquiring a SaaS business
- SBA7(a) loans for acquiring SaaS businesses
- Can you define what exactly “goodwill” means and why it’s so important for SaaS businesses?
- How does the guaranty fee work?
- When should a potential acquirer start talking with a bank?
- When does the official loan application process begin?
- What is the lender looking for in the borrower?
- What is the lender looking for in the business?
- What changes or trends in the space are you paying close attention to?
- Where can listeners go to learn more?
Where to learn more:
To hear more from Jordan, you can follow him on LinkedIn.