Pertaining to the world of business financing, the idiosyncrasies of the lending landscape can often seem like an intricate labyrinth to navigate. It is within this complex milieu the Small Business Administration (SBA) 7A loan program emerges as a beacon of hope for small and medium companies. However, a prudent entrepreneur realizes that the journey doesn't end at identifying the loan program. The pivotal decision lies in selecting the right SBA 7A lender that aligns with their business needs. This comprehensive guide aims to elucidate the process of choosing an appropriate SBA 7A lender through a systematic, step-by-step approach.

To set the stage, let’s first understand the relevance of the SBA 7A loan program. Established by the United States Small Business Administration, the 7A loan program is designed to assist business owners in acquiring loans from banks and other lending institutions, by guaranteeing a portion of the loan, thereby reducing risks for the lender. The SBA 7A loan covers a variety of business needs such as working capital, equipment purchase, real estate, and even business acquisition, making it an attractive choice for a wide spectrum of businesses.

Armed with this understanding, let's philosophically approach the 'how' of choosing the correct SBA 7A lender. The decision can be treated as a multi-criteria decision-making problem, a concept prevalent in operations research and cognitive sciences. Essentially, it means decision-making that involves multiple, often conflicting objectives. In this case, the criteria could be the lender's reputation, loan terms, rate of interest, processing time, and customer service, to name a few.

In applying this theory, the first step would be to identify potential lenders. The SBA has a network of about 1,800 approved lenders, ranging from big national banks to smaller, regional banks and non-bank lenders. Hence, the 'where' of your lender could be as close as your neighborhood bank or an online platform.

The next step is to evaluate these lenders based on the aforementioned criteria. The Pareto principle, also known as the 80/20 rule, can be applied here. This economic principle, named after Italian economist Vilfredo Pareto, posits that roughly 80% of outcomes come from 20% of causes. In this context, focus on the top 20% of your criteria that will give you the maximum value.

Therein, the lender's reputation and loan terms could be considered as high-priority criteria. For instance, choosing a lender with an established track record of successfully processed SBA 7A loans can be quite impactful. It not only indicates their understanding of the SBA process but also their commitment to small businesses.

Similarly, the loan terms offered by the lender can significantly affect your financial health in the long run. Here, the concept of time value of money comes into play, a fundamental principle in finance that suggests money available now is worth more than the identical sum in the future due to its potential earning capacity. Therefore, a lower rate of interest and a longer repayment period could be more beneficial.

However, these criteria are not mutually exclusive and may interact with each other, which brings us to the final step of the decision-making process. This step requires a thorough analysis of the trade-offs among all these criteria. Here, the concept of Pareto efficiency can be employed. According to this economic theory, a Pareto efficient allocation is one where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off. In simpler terms, you might have to compromise on one criterion to gain on another.

To illustrate, a lender with a stellar reputation might have a long processing time or a lender offering the most favorable loan terms might have subpar customer service. Therefore, as a decision-maker, it's incumbent upon you to optimize your decision based on your business' priorities and constraints.

In conclusion, the process of choosing the right SBA 7A lender is an exercise in strategic decision-making, guided by principles of finance and economics. While it may seem daunting, a systematic, methodological approach can make the task manageable and yield a decision that is conducive to your business' financial prosperity.