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SBA loan originators tackle paperwork to make loans work

SBA loan originators tackle paperwork to make loans work

Nov 13, 2011 (The Gazette - McClatchy-Tribune Information Services via COMTEX) -- Hills Bank & Trust Co., though headquartered in humble Hills, Iowa, is one of the highest generators of SBA loans in Iowa on a perennial basis.

So far this year, Hills Bank has approved at least 30 loans -- more than any other bank in Iowa.

"The SBA Guaranty program allows the bank to work with customers that we might initially have to turn away due to a higher element of risk -- sometimes due to the lack of available security for a loan," said John Benson, Hills Bank executive vice president.

The SBA guarantee helps to mitigate some of the risk of a business loan, and can make the difference in deciding whether to underwrite a loan if other factors are favorable, Benson adds.

One result: more first-time business customers.

"Hills Bank believes that helping a business obtain its first loan can lead to a lifelong customer," Benson noted.

The SBA offers a variety of lending programs to meet specific business needs. Under most of them, the SBA guarantees repayment of up to 80 percent of a loan to the lender if the loan meets specific underwriting criteria.

The guarantee works to reduce the risk to the lender making the loan because most of the money will be recoverable through the guarantee if the borrower cannot repay.

That additional element of SBA loan backing can add a fairly thick layer of paperwork to the lending process, but lenders that have taken the additional step of becoming an SBA Preferred Lender can speed the approval process. Preferred lenders have authority for loan approval and closing, allowing them to provide expedited service.

It's the highest level of autonomy the SBA allows to lenders, and Hills Bank has it.

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