Small businesses often use the Small Business Administration’s (SBA) Lender Match to find lenders when securing a loan. Recently, however, some small businesses have received communications from lenders who may not have been matched with them through the SBA’s Lender Match service.
Last week, one Reddit user shared what other commentators described as a typical scenario: After filling out the Lender Match form, they received an unexpected follow-up from a non-matched lender. This lender expressed interest in working with the business despite not being among the names initially suggested by the SBA platform.
Lenders encouraged small business owners to proceed cautiously, as does the formal SBA page updated in January 2025.
SBA makes the following eight recommendations:
- If you are contacted by someone promising to get the approval for an SBA loan but requiring any payment upfront or offering a high-interest bridge loan in the interim, suspect fraud.
- If you are applying for an SBA loan and receive email correspondence asking for personally identifiable information (PII), ensure that the referenced application number is consistent with the actual application number.
- Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your PII, personal banking access, or install ransomware/malware on your computer.
- An SBA logo on a webpage does not guarantee that the information is accurate or endorsed by the SBA. Please cross-reference any information you receive with information available at www.sba.gov.
- Federal and local disaster workers do not solicit or accept money. Don’t believe anyone who promises a disaster grant in return for payment.
- SBA representatives never charge applicants for disaster assistance, inspections, or help in filling out applications.
- Stay aware of common scams by visiting the Federal Trade Commission website on Avoiding and Reporting Scams, Scams | Consumer Advice (ftc.gov)(Link is external).
- If you suspect identity theft related to SBA programs visit Reporting identity theft | U.S. Small Business Administration (sba.gov) and www.consumer.ftc.gov/features/identity-theft
Outreach from legit lenders can be surprising but is not uncommon as they compete for a finite number of loans and must proactively seek out potential clients. Still, it’s crucial to verify the legitimacy of the lender.
Conduct thorough research, review the lender’s credibility, and seek testimonials or reviews from past clients can help ensure safe and honest dealings. As with any financial decision, thorough evaluation and due diligence remain essential components when seeking a good lender.