Has anyone actually gotten an SBA deal funded where you're not on site?
We're funded and moving on service businesses across a few markets. A GM would be on site at each business running day-to-day; we'd handle books, budgets, bank accounts, and hiring remotely. We can't realistically move to each location.
We know that's the management-control test under SOPredacted, and we know the old geographic restriction is gone.
What we don't know is how much of that survives contact with an actual credit committee.
So, has anyone here actually gotten one of these funded through SBA? Which lenders treated it as a normal structure versus a problem to be argued around? And if you've been turned down for this, I'd like to hear that too.
Also, curious whether appetite shifts on deal two or three under the same holding entity, or if each one gets underwritten cold?