SBA LINC VS TBBLIT: S Fla Business Owners, Which One is Better?

SBA LINC VS TBBLIT : South FL Business Owners, Which One is Better?

In the South Florida market area there are 2 new tools that can help local do-it-yourself entrepreneurs find the best business loan financing. These tools are SBA LINC & TBBLIT.com.

Both of these tools act like a “matchmaker” website for business loans. The borrowers input their data and the lenders input their data. These websites then find matches and bring the parties together.

SBA Linc, designed by the Small Business Administration, and stands for (Leveraging Information and Networks to access Capital). This tool allows business owners to go online and complete a basic online questionnaire that is then matched to interested lenders. When a matching SBA Lender is found the Lender and borrower each receives the other’s information. The matched lenders are then instructed to reach out and contact the borrowers within 2 business days.

According to the SBA there are currently 300 + lenders signed onto their system. Each Lender can decide what geographic areas they like. When there is a match the borrower’s information will be shared with every matching lender that expressed an interest in lending in that borrower’s area.

Fees. The cost of the SBA LINC is free.

Great things – Very easy to use and free. If you want the phone ringing off the hook with interested SBA lenders this might be a great resource.

Concerns – The shotgun approach of sending your loan request to hundreds of possible lenders at one time may have some unattended consequences.

• You may be getting calls from lenders who already declined your loan.
• Lenders that you are already working with may also get your lead and believe that you are still shopping and not committed to working with them. Never a good thing.
• You have no idea what the loan terms are going to be with these lenders until you are further down the road in their loan process.

Conclusion: SBA LINC is a good first step if you want to start with a possible giant pool of SBA lenders and then try to whittle down the list on your own.

TBBLIT.com which stands for (The Best Business Loans in Town) https://millenix.com/dev/tibblit/ also allows business owners to go online and complete a more in-depth online questionnaire. When matching lenders are found the borrower is actually able to see the best-case pricing these different lenders can offer. The borrowers themselves are empowered with deciding which of the interested lenders can call them. When the borrowers gives their permission, the chosen lenders are given the borrower’s information and also within 2 business days the chosen lenders will reach out and contact the borrowers.

TBBLIT.com has conventional, SBA, and alternative lenders signed onto the system. Although the numbers of lenders is much lower than SBA LINC the quality of lenders sets them apart from other online loan shopping websites. TBBLIT focuses on obtaining loan data mostly from local lenders who offer better terms than out of the area lenders. The company is so confident in their pricing that they offer a Guaranteed Lowest Rate program.

Fees. Finding out if anyone likes your loan request and seeing what the best-case pricing is, is free. There is a flat fee of $299 to see the identity of up to three of the lenders of your choice. They do offer a 30 day money back guarantee to help alleviate concerns of doing business on the internet.

Great things – It’s a fast and easy way to find out if anyone likes your loan request and a great way to view the best-case pricing. In addition…

• Works for conventional, SBA, or non-conventional loan requests.
• Allows you to block out lenders you already talked to from further consideration.
• You select what interested lenders you want to talk to. Only the ones you select will receive your information.
• Lots of data from local lending sources.
• Price is very reasonable. It’s a great value for what you pay for.

Concerns – Right now www.TBBLIT.com only covers SE Florida from Miami Dade County up to Indian River County. If you are not in one of these 6 counties your local lenders may not be in the system.