Episode
SBA Loans Explained: Getting Approved and Avoid Costly Mistakes - Steve Johnston & Lindsay Denton
- Published
- May 6, 2026
- Duration seconds
- 2962
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Summary
What does it really take to get approved for an SBA loan when buying a business? In this episode of What's Your Deal? with Matt Uhler , Matt sits down with SBA lending expert Steve Johnston and financing specialist Lindsay Denton to break down the truth about SBA loans, business acquisition financing, and why most buyers get it wrong. If you've heard horror stories about SBA loans taking forever—or getting declined at the last minute—this episode will completely change your perspective. They cover what lenders are actually looking for, how deals get approved (or denied), and why the story behind the deal matters just as much as the numbers. Whether you're a first-time buyer or an experienced investor, this conversation will help you avoid costly mistakes and position yourself to get funded the right way. Timestamps: 00:16 – Meet Steve Johnson & Lindsay Denton 03:14 – Why SBA loans get a bad reputation 04:20 – The biggest misconceptions about SBA lending 05:00 – How long SBA loans actually take (real timelines) 06:00 – Why lenders are NOT all the same 08:15 – Real story: Approved → then declined (what happened) 11:15 - PLP vs GP lenders explained 13:00 – Inside how banks actually make decisions 16:00 – The truth about "pre-qualifications" 17:15 – What lenders look for immediately 19:40 – The 3 biggest deal killers (liquidity, experience, collateral) 21:00 – Why the STORY matters more than the numbers 23:00 – How to present a deal to get approved 25:00 – Building projections that make sense 26:25 – Adjusting deals to make them fundable 27:45 – Why most deals get declined (and how to avoid it) 29:30 – How underwriters really think 32:27 – Can a declined deal be saved? 34:50 – Why momentum matters in approvals 36:24 – What buyers should do BEFORE looking for a business 37:…