I'm working on a deal that requires a variance to SBA lending SOPs. Essentially, I have a seller that wants to roll equity into the new company. We're buying out 100% assets in their co, forming a new c-corp, and will then assign them non-voting, class B shares in the new co (which may take the form of options, is shares won't work). The SBA SOP's explicitly state this can't be done. However, over the weekend I was chatting with an advisor who told me that a variance can be requested, but only certain banks have the right relationships with the SBA and/ or are willing to put in the legwork to get that done.
I think knowing this would be helpful for other searchers (particularly if it's possible/ true). Still vetting this out.
Additionally, I thought that a discussion topic on what variances to SBA SOP's other searchers have managed to secure would be helpful to all. Additionally, it would be great to know which bank / entity you worked with to secure that variance. And, what was the nature of the variance?