CREDIT ACRONYMS
Answer: This SBA holding company structure allows a business to operate through a separate entity.
What is an EPC?
This is not required on your personalized fliers, though some BDOs include it to enhance their marketing style and beautiful appearance.
What is a headshot photo?
This federal agency regulates SBA loans.
What is the Small Business Administration (SBA)?
This daily habit involves contacting five new referral sources.
What is prospecting?
This year saw the SBA’s creation under President Eisenhower.
What is 1953?
The standard for acceptable U.S. accounting practices.
What is GAAP?
This social media platform is ideal for sharing Harvest’s loan success stories.
What is LinkedIn? LinkedIn is the most established. But feel free to figure out other alternatives that seem right for you and your target audience.
This document details a loan’s terms and conditions.
What is a loan contract?
This skill helps BDOs understand a client’s business goals.
What is active listening?
This Harvest product finances a building at 90% for owner-occupied real estate.
What is a 504 Loan?
This metric, calculated as earnings before interest, taxes, depreciation, and amortization, assesses cash flow.
What is EBITDA?
These local gatherings help BDOs connect with realtors and brokers.
What are networking events? Happy hours, conferences, golf events, and more are all great options.
This act penalizes false claims in SBA loan applications.
What is the False Claims Act?
This ensures BDOs follow up within 24 hours of an inquiry.
What is responsiveness?
This Harvest loan supports a projection-based gas station needing working capital.
What is a 7(a) Loan?
This ratio compares a loan amount to the collateral’s appraised value.
What is LTV (Loan-to-Value)?
BDOs build this network of CPAs and brokers for loan referrals.
What is a referral network?
This ensures foreign national owners meet SBA eligibility, like having a U.S. work visa.
What is immigration status verification?
BDOs use this to evaluate tax returns for loan eligibility.
What is financial analysis?
This Harvest product funds a medical building at 70% LTV with non-resident owners.
What is an HCC Conventional Loan?
This ratio measures a borrower’s ability to cover debt payments with operating income.
What is DSCR (Debt Service Coverage Ratio)
This tagline, displayed under the logo on Harvest’s website, reflects its mission to support small businesses.
What is Impacting Economic Empowerment?
This SBA form discloses a borrower’s criminal history.
What is Form 912?
This trait, shown by building a $15M pipeline, defines top BDOs.
What is resilience and hard work?
This 2020 legislation expanded SBA loan access during the pandemic.
What is the CARES Act?