SaaS market multiple vs. SBA DSCR?
For bootstrapped B2B SaaS under $1M ARR / $500K SDE, SBA lenders underwrite purely to cash flow DSCR, but market multiples on ARR are much higher. Are you successfully keeping valuations anchored at 3.0x–4.5x SDE? Seems hard to get equivalence on these SaaS market vals vs. where SBA is willing to lend on cash flow. Any thoughts?