Lisa Forrest has spent most of her 35+ year career financing business acquisitions. Over the years, she has held leadership roles at The Money Store, Wells Fargo, Union Bank, Banc of California, and Live Oak Bank, and she is a frequent speaker at ETA conferences. She is widely recognized for her deep expertise in SBA deal structuring for business acquisitions.
Lisa recently joined Northwest Bank, alongside her long‑time colleague Sarah Andrews, to support and build upon the bank’s growing SBA lending platform for acquisition entrepreneurs. Rather than starting from scratch, Lisa and Sarah are joining an established team and contributing their ETA experience, relationships, and perspective to help advance work already well underway.
This article covers what attracted them to Northwest Bank, how to prepare for a productive conversation with the team, and the insights Lisa is seeing in deals right now.
What Northwest Bank Is Building
Northwest Bank is a $16.8 billion publicly traded institution (NASDAQ: NWBI) and a nationwide Preferred SBA lender. The bank ranked among the top 50 SBA originators in the U.S. by volume in 2025 and grew its commercial and industrial loan portfolio 26% year‑over‑year last year. SBA lending has been publicly identified by Northwest’s leadership as a key specialty finance vertical for 2026 growth, and the bank recently added eight SBA lending specialists across its footprint.
Lisa describes what drew her to the platform as the strength of the existing foundation and the way teams work together across the bank.
“What attracted us to Northwest Bank is the collaborative approach between credit, sales, and closing,” Lisa said.
That foundation was built under the leadership of Jonathan Smith, who heads the SBA division and has spent several years developing the infrastructure and capabilities of the platform. Lisa and Sarah are joining that team with a focus on contributing ETA‑specific expertise and supporting acquisition entrepreneurs within an already strong SBA organization.
“Sarah and I think of ourselves as humble servants,” Lisa said. “Our role is to help coach and mentor the next generation of entrepreneurs."
What the Program Offers Searchers
Loan amounts up to $8 million, structured as:
Up to $5 million in SBA financing, plus
A pari‑passu conventional tranche from Northwest Bank of up to $3 million, side‑by‑side
This structure supports the majority of SBA‑backed ETA transactions in the $1 million to $15 million enterprise value range.
Preferred SBA Lender status
Northwest Bank has delegated authority to approve SBA loans without a formal SBA credit review, reducing an additional approval step and helping drive faster decisions.
Pre‑LOI deal review
Lisa and Sarah are willing to review potential transactions before a letter of intent is signed. This early feedback can be especially valuable for acquirers who want to understand financing viability and capital structure before committing significant time and expense to diligence.
How to Prepare for Your First Lender Conversation
One of the most helpful insights Lisa shared was what makes an initial lender conversation productive. Her approach keeps the first discussion focused and accessible.
“It’s helpful to start with a résumé and a personal financial statement,” Lisa explained. “Let’s start with what you’re good at, what you'll bring as an owner‑operator, and your overall financial picture.”
That’s it for the first call:
A résumé that reflects your professional experience
A personal financial statement that helps frame what’s realistic
Industry experience is a meaningful advantage, but it isn’t always present. Lisa and Sarah look closely at transferable skills — such as managing teams, running a P&L, and being accountable for outcomes. Operational leadership experience provides lenders confidence in the transition plan, one of the most scrutinized elements of an acquisition loan.
Even for searchers coming from outside the target industry, demonstrated people leadership and decision‑making experience can go a long way in underwriting conversations.
Lisa also shared an observation about personal financial statements that resonated with us:
“The size of a personal financial statement is often directionally proportional to experience. It’s not just the number — it’s what it represents in terms of career trajectory and financial discipline.”
She also highlighted an important exception for military veterans, noting that compensation structures don’t always reflect the depth of leadership and operational experience veterans bring. That context matters, and the team takes it into account.
For early‑stage searchers, the answer may not be “no,” but “not yet.”
“Business Acquisition is real. Becoming a business owner is aspirational and it’s also a realistic path,” Lisa said. “Sometimes it just means you need to prepare yourself before the right opportunity shows up.”
That preparation path is clear: build experience, manage teams, take P&L responsibility, and establish a financial foundation. Searchers who do that work and return later are often the ones who ultimately close.
What Lisa Is Seeing in Deals Right Now
In today’s environment, deals are evaluated closely through the lens of industry resilience. The central question: is the business enduringly profitable and non‑discretionary?
“Can this business withstand economic shocks? Will it still be there?”
Non‑discretionary services, essential B2B businesses, and companies with recurring revenue continue to move most smoothly through underwriting. For searchers, understanding how a target performs when spending tightens is critical — because that’s exactly what lenders are underwriting.
The Weekly Power Hour
Every Wednesday at 9:00 AM PT, Lisa and Sarah host a free, one‑hour Zoom session covering SBA structure, policy, process, and deal road‑mapping, followed by live Q&A.
The sessions are designed for searchers at every stage — from those just exploring acquisition entrepreneurship to those actively evaluating deals. Attendees also receive access to practical tools, including cash‑flow models, executive summary templates, and M&A questionnaires.
Participating before scheduling a one‑on‑one conversation helps searchers come prepared and make the most of the team’s time.
The Bigger Picture
The acquisition lending market continues to grow. SBA data shows 7,003 change‑of‑control loans in FY2025, a 20% year‑over‑year increase. As more lenders invest in dedicated ETA‑focused capabilities, buyers benefit from greater capacity, earlier feedback, and more specialized support across the ecosystem.
Get in Touch
Lisa Forrest
Senior Business Development Officer, Northwest Bank
Phone: 425‑999‑2042
Email: [email protected]
Sarah Andrews
Senior Business Development Officer, Northwest Bank
Phone: 919‑523‑6975
Email: [email protected]
Weekly Power Hour: Wednesdays, free and open to all searchers
If you are actively searching or just beginning to explore acquisition entrepreneurship, Lisa and Sarah welcome conversations at any stage. Mention the EBIT Community when you reach out.
Disclaimer: This guide is for educational purposes only and does not constitute legal, financial, tax, or investment advice. Business acquisitions involve significant risks, and outcomes can vary widely based on individual circumstances. Always consult with qualified professionals including attorneys, CPAs, and financial advisors before making acquisition decisions. The EBIT Community does not guarantee the accuracy of information provided or the success of any acquisition strategy. Past performance and examples do not guarantee future results.
