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Our Mission is to Empower and Grow Small Businesses

We believe small businesses are the backbone of America. Our mission is to empower business owners and entrepreneurs to secure the capital they need to grow.

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“My passion for finding people lending solutions started more than 20 years ago. It pained me to see personal and professional dreams shut down by conventional institutions. I started LoanBud to bring creative solutions to an otherwise restricted industry. I believe we can all find financial success; we just need the right partner.”
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Burke Purcell
President of LoanBud

About the President of LoanBud, Burke Purcell

Burke began his lending career over 20 years ago. From residential to commercial loans, Burke built his reputation on finding creative solutions for his clients. LoanBud was a vision many years in the making: the chance to create a marketplace flexible enough to fit every entrepreneur’s capital needs. Burke’s industry tenure and track record have helped him attract top talent and assemble a network of over 100 lenders for LoanBud to utilize.

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Leadership Team

William Bennett, SVP, Sales Director

William Bennett, SVP, Sales Director

As Senior Vice President and Sales Director at LoanBud, William Bennett is instrumental in offering innovative lending solutions to clients ...
Melissa Buehner, VP, Business Lending Officer

Melissa Buehner, VP, Business Lending Officer

Melissa Buehner is a seasoned VP, Business Lending Officer with over six years of experience in the residential, commercial, and ...
Angela Sharrett – VP, Business Lending Officer

Angela Sharrett – VP, Business Lending Officer

As the VP of Business Lending at LoanBud, I bring over 20 years of experience in management and lending to ...
Patrick Brassil – VP, Business Lending Officer

Patrick Brassil – VP, Business Lending Officer

With over two decades of banking, insurance, and business development expertise, Patrick Brassil has established himself as a leading figure ...
Daniel Trepel, VP Business Lending Officer

Daniel Trepel, VP Business Lending Officer

With 8 years of sales experience, including 4 years in the dynamic fintech industry, Dan honed his skills as VP, ...
Thomas D'Attilo, VP, Business Lending Officer

Thomas D’Attilo, VP, Business Lending Officer

Tom D’Attilo is an expert at understanding the everyday challenges small businesses face; leveraging his expertise to secure the best ...
Samuel Rector, AVP Business Lending Associate

Samuel Rector, AVP Business Lending Associate

Sam brings a diverse educational and employment background to his role through experience in computer programming and management, having overseen ...
Sylvia Garner, AVP Loan Documentation Specialist

Sylvia Garner, AVP Loan Documentation Specialist

Sylvia has over 25 years of experience within the residential mortgage and SBA industries. She attended Cheyney University in PA ...
Sherrel Gilmore, AVP Loan Documentation Specialist

Sherrel Gilmore, AVP Loan Documentation Specialist

As an AVP, Loan Documentation Specialist, Sherrel helps business owners enhance their businesses. With over 20 years of experience in ...
Ebony Marvin-Smalls, AVP Loan Documentation Specialist

Ebony Marvin-Smalls, AVP Loan Documentation Specialist

Ebony has over 17 years of experience in customer support and relations, in addition to 7 years of experience in ...

It’s Amazing What a Little Money Can Do to Turn a Dream Into a Reality

Countless small business loan applications are rejected without the right partner.  We won’t stand for that. We are committed to get businesses the loans they need to fulfill even the biggest of dreams. 

Our Team

A team comprised of all former bankers, our dedicated LoanBud lenders understand all aspects of financing. We take pride in helping small businesses, entrepreneurs, and freelancers build and expand with the capital they need. And while technology allows for a seamless process, our team is always there to guide you from start to funding.

Careers

LoanBud is continuing to grow, and we have an exciting opportunities for the right candidate to join a great team. Join us in the pursuit of our mission to help small businesses get the financing they need to succeed, and enjoy a career filled with professional growth opportunities, team-oriented colleagues, and the satisfaction of supporting small businesses.

FAQs

PLP status allows lenders to bypass the SBA and make credit decisions internally, which can save you weeks of processing time.  Since PLP lenders have the authority to make credit decisions, we can get you an answer quickly and won’t drag you through the mud.

An SBA 7(a) business acquisition loan allows funding up to $5 million for purchasing an existing business or franchise using SBA-backed financing.  When purchasing a business, most entrepreneurs do not have the cash on hand to pay the full value of the business, and SBA loans for business acquisition can provide up to 90% total financing. Banks consider business acquisition loans to be risky.  By having the SBA guarantee the loan, it mitigates the risk for the lender, which increases the chance of your loan being approved.  

If any of the following apply to you then you may be a good candidate for a business acquisition loan:

  • You are looking to buy an existing cash flowing business
  • You would like to buy out a business partner
  • You want to open a new location with an existing franchise
  • You want to acquire a competitor for strategic growth


Have a question about how you can use your business acquisition loan? Schedule a consultation with a LoanBud loan officer to receive a complementary analysis today.

SBA 7(a) business acquisition loans typically have a repayment term of 10 years, or up to 25 years if there is a real estate component.  This allows for lower monthly payments compared to a typical term loan offered by a bank, which may have a repayment term of only 5 years.  

Since banks generally view business acquisition loans as risky, those interest rates are normally higher than those offered by SBA-backed loans. The SBA caps the interest rate that lenders can charge, and most SBA loans are WSJ Prime plus a margin up to 3.00%. 

It typically takes 45 – 60 days to close on a business acquisition loan, depending on the complexity of the deal.  Working with a non-Preferred Lender Partner can add weeks onto this timeline, as non-PLP lenders must send your application to the SBA for approval. 

In order to be approved for an SBA 7(a) loan, most lenders require the borrower to have a minimum FICO score of 620 – 680.  Please contact us to discuss your circumstances.

One of the benefits of using SBA financing is the ability to receive capital for multiple business needs.  Your SBA loan proceeds can be used for:

  • Buying an existing business
  • Purchasing a franchise
  • Buying out a partner
  • Working capital
  • Inventory
  • Equipment
  • and More!

Have questions about how you can use a business acquisition loan? Talk to a LoanBud loan officer today to receive a personalized analysis.

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