I’ve been operating under the premise that I would sign a PG to do an SBA 7a as a part of my self-funded search (min attributes include: $750k – 2m EBITDA, recurring revenues, consistent profitability, >15% margins, B2B service --> little collateral). I’m now trying to understand the conditions that determine when an SBA 7a is the only reasonable alternative, and what the tradeoffs are when I could a commercial loan or a 7a. My understanding is that conventional loans are thin for businesses below $3m in EBITDA and that conventional leverage can top out around 2.75x EBITDA###-###-#### % of purchase price) without mezz. This implies SBA vs. conventional is nearly binary based on deal size. I would love to hear feedback from any self funded searchers that went or attempted to go conventional. What did your capital structure look like? Deal size & company profile? Was your choice driven purely by desire to avoid the PG? How did this choice affect your search, acquisition, etc?