In this podcast episode, Josh Levine interviews Lisa Forrest and Sarah Andrews from Live Oak Bank about changes to the SBA 7(a) program and what to expect in 2024. They discuss the implementation process of the changes, the impact on buyers looking to get an SBA loan, and the interpretation of the new rules by different lenders. They also highlight some of the key changes, such as the equity injection requirements, partial buy-in rules, and the removal of the personal resource test. Additionally, they share their thoughts on potential future changes to the program, including the expansion of benefits for underserved communities and the reinstatement of certain policies. The speakers advise buyers to be patient, creative, and solution-oriented in the current market, as multiples remain high while borrowing power decreases. They also emphasize the importance of understanding one's own model and thesis to find deals that align with their goals. (00:00) - Introductions (02:48) - Changes in the National Association of Government Guaranteed Lenders (05:16) - Partial Change of Ownership (09:52) - Understanding Loan Terms and Conditions (15:30) - Interest Rates and Market Dynamics (20:19) - Discussing a Partial Buy-in with Kevin from SMB Law (26:07) - Discussing Key Employee Participation and Ownership Transition (31:12) - Investor Perspectives and Transition Challenges (37:57) - Bank Policies and SOPs (49:14) - Government Shutdown and SBA Lending 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out Live Oak Bank: https://www.liveoakbank.com/ 💬 Follow Lisa Forrest on Twitter: https://twitter.com/LisaGForrest 💬 Follow Sarah Andrews on LinkedIn: https://www.linkedin.com/in/sarah-andrews-22a78364/

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