What is an SBA Underwriter Job?
If you're interested in a career in finance or banking, you may have heard of an SBA Underwriter job. But what exactly is an SBA Underwriter, and what do they do? An SBA Underwriter is responsible for assessing loan applications for small businesses seeking financing through the Small Business Administration (SBA) loan program. The SBA Underwriter is tasked with analyzing the financial information provided by the small business owner and determining whether or not the business meets the criteria for an SBA loan.
What Usually Do in This Position?
An SBA Underwriter's primary responsibility is to evaluate loan applications from small businesses that are applying for financing under the SBA loan program. This requires a thorough review of the small business owner's financial records, including balance sheets, income statements, and cash flow statements. The SBA Underwriter must also analyze the business's credit history, including any outstanding loans or debts, to determine whether or not the business is a good candidate for an SBA loan.
In addition to evaluating loan applications, an SBA Underwriter must also communicate with small business owners to gather additional information about their businesses. This may include discussing the business's financial situation with the owner, reviewing any relevant documents, and answering any questions the business owner may have about the SBA loan program.
Top 5 Skills for Position
To be successful in an SBA Underwriter job, there are several key skills that are essential. These include:
- Strong analytical skills
- Excellent communication skills
- Attention to detail
- Ability to work independently
- Strong financial and accounting knowledge
How to Become This Type of Specialist
To become an SBA Underwriter, you typically need a bachelor's degree in finance, accounting, or a related field. Many employers also prefer candidates with several years of experience in banking or finance, particularly in the area of small business lending.
In addition to education and experience, SBA Underwriters must also have a strong understanding of the SBA loan program and its requirements. This may require additional training or certification in SBA lending.
Average Salary
According to Glassdoor, the national average salary for an SBA Underwriter is around $70,000 per year. However, salaries can vary depending on the employer, location, and experience level of the candidate.
Roles and Types
SBA Underwriters can work in a variety of different roles within the banking and finance industry. Some SBA Underwriters work for large banks or financial institutions, while others work for smaller community banks or credit unions. Additionally, some SBA Underwriters may work as independent contractors, providing loan underwriting services to small businesses on a freelance basis.
Locations with the Most Popular Jobs in USA
SBA Underwriter jobs can be found in a variety of locations across the United States. Some of the most popular cities for SBA Underwriters include:
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Atlanta, GA
- Dallas, TX
What Are the Typical Tools
SBA Underwriters typically use a variety of software tools to evaluate loan applications and communicate with small business owners. Some of the most common tools used by SBA Underwriters include financial analysis software, loan processing software, and customer relationship management (CRM) software.
In Conclusion
Overall, an SBA Underwriter job can be an exciting and rewarding career choice for anyone interested in working in finance or banking. With strong analytical skills, a solid understanding of the SBA loan program, and a commitment to helping small businesses succeed, an SBA Underwriter can play an important role in supporting the growth and success of small businesses across the country.