SBA Loans Explained: Getting Approved and Avoid Costly Mistakes - Steve Johnston & Lindsay Denton

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

 

37:45 – Real example of unrealistic buyers

 

40:00 – Why the BUSINESS matters more than the buyer

 

44:15 – Character vs numbers in lending decisions

 

47:30 – How to connect with Steve & Lindsay

 

 

Connect with Steve:

 

[email protected]