Hi Searchfunder Community!

I've seen a few variations of this topic posted but wanted to reframe it for a few compelling targets that I've come across. I understand that SBA lenders are not a great fit for nascent, FCF-negative, hyper-growth SaaS businesses, but what about their stable and mature counterparts? As far as I can tell, these businesses have been optimized for the near-term benefit of the owner opposed to sacrificing their compensation for sales & marketing investment (and therefore, growth).

Consider the following profile:

-$2mm of Revenue (100% Recurring on annual auto-renewing contracts)

-$1.2mm of EBITDA

-Low single digit topline growth, if any

-100% net $ retention for past 3 years

-0% churn for past 3 years

-10+ years of B2B SaaS business and demonstrated product market fit

-High-quality / resilient customers (think govt, fortune 500, utilities etc.)

Would SBA lenders be willing to lend to this business profile at a ~90% LTV? Or does the asset-light nature of the industry still turn lenders away? Obviously there are loads of other factors to consider but would love to hear general thoughts from those that are closer to SBA's for SaaS businesses. Thank you!