In this episode of the Before You Buy or Sell the Business podcast, host Jared Johnson interviews Jim Ely, an expert in SBA lending and a NAGGL instructor. Jim has been in the lending industry for over 39 years and has a wealth of knowledge about the acquisition process and recent transactions.
In this interview, Jim shares his experiences in the lending industry and provides insights on the SBA loan process. He discusses the development of the secondary market product, his background in bread and butter, and how he became an instructor for NAGGL. Jim also talks about his upbringing in Southern California, his time at UCLA, and how he got into lending. Additionally, he shares his experiences owning and operating businesses and emphasizes the importance of understanding the motivations of sellers when buying a business. Jim also sheds light on the State of California Infrastructure and Economic Development Bank's loan guarantee program, which complements the SBA loan program.