I got a call today from a nice gentleman who had hired another SBA workout consultant a few years back. He got a 60 day letter in the mail this past week, and when he called them back, they told him that they no longer handle SBA loan settlements. This seems to be a trend. Not surprisingly, 2008 knocked out a lot of SBA borrowers for the count. As time as gone on, and the economy has improved, there are naturally fewer SBA loan defaults than there used to be. When the economy was in shambles, and the proverbial sky was falling, out of the woodwork came a whole bunch of people proclaiming themselves as SBA settlement experts.
How long had they been doing it? Not long, would be my guess. How many settlements had they presided over? Not many, would be my guess. More than likely, these people had learned about the “gold rush” of loan settlements, and wanted to get in on the action. Fast forward to 2017. The economy ain’t so bad. Defaults and down. And as a result, there is not as much business for guys like me as there used to be. For me, that’s perfectly fine. I’m still busy. Certainly not as busy as 2008, but to be expected. So as quickly as they came, many of the “experts” who were touting their services have moved on in search of the next gold rush me.
Me? I’m still handling nothing but SBA loan settlements. Keep that in mind if you are reading this and it’s 2017 or later. I’ve been here. I’ll be here. I’ll remain plugged into the ever-changing rules and regulations, while others will put it down, and perhaps pick it back up when they can make a few easy bucks.