This one will sound like a sales pitch, but it is not the intent.
We are probably entering a recession, my fifth as a working adult. In ’91 I was leaving a great job as a scientist to return to school, wondering what kind of a job market would be waiting for me on the other side. In ’01 I had recently started a new assignment running a textile company. In ’08 I started a new job at a small specialty finance company. The one in ’20 was a blur: fast and furious as we deployed hundreds of millions of dollars in PPP loans to do our part to support small businesses.
It all worked out okay. The cycle smoothed out and for every month of uncertainty and distress there was a year of prosperity and growth.
Here at Gulf Coast Small Business Lending, we aren’t “preparing” per se for the next one. We have never been stronger and more stable, and we are using this period of uncertainty to continue building the team while taking care of our existing borrowers and seeking out new ones. The recession will come and go, and the following few years will be the best we’ve ever had. SBA loans are here to stay, and we’ll be here to support small businesses whether we’re in a recession or not. I remain bullish about SBA lending.