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Balance Sheets: business value and/or net worthįormal underwriting for an SBA loan usually takes about two to three weeks. Personal Financial Statements: personal net worth, debts. To demonstrate that you are financially capable, you will need: Financial Statements: Here’s where you can show the lender that the numbers are in your favor. Any other information you have about your loan request. An explanation of how you, as a business owner, have invested your personal resources into the business. A statement on how the loan will benefit your business. Statement Of Purpose: This is your opportunity to tell the SBA what you intend to do with any funding you receive. A description of your small business, including information on your product/service. Business Plan: Your lender wants to see concrete evidence that your business will be able to pay back the loan. Here are some items you will need in your SBA Loan Application Package: First Step: Putting Together An SBA Loan Application Package Once the application is completed, the documents must be reviewed by multiple sets of eyes, which makes the waiting periods lengthy. These in-depth applications do take time to fill out. From there, the SBA will match you with possible lenders with whom you can discuss SBA loan rates and terms and formally apply for their loan. Other SBA loans have similar processes in which a potential borrower must fill out an online form describing the business’s needs. Your completed application will be submitted to the CDC, which will then assess the application and forward it to an SBA Loan Processing Center. Because the 504 loan is a dual-approval process, it can take even longer. You’ll need information on project costs, energy efficiency goals, debenture pricing, and more. If you’re applying for a 504 loan, your application will be roughly thirteen pages long. Most of these loans require a lot of documentation and verification, which makes the SBA loan application process quite lengthy. When applying for an SBA loan, know that you’ll need to be patient. Why SBA Loans Take So Long: The SBA Loan Application Process #Sba loan status how to
The Express loan’s issuing bank should provide direction on how to put together the application package and help you work through the process as needed.Īnother thing to know about Express loans is that because the SBA backs only 50% of an Express loan (compared to 75%-85% of a traditional 7(a) loan), interest rates on Express loans tend to be somewhat higher. Required forms for an Express loan include a Borrower Information Form and a Statement of Personal History. If more than $10,000 in loan funds will be used for construction, you’ll also need to fill out an Agreement of Compliance. This process, of course, will take some time, though Express loans require fewer documents compared to a 7(a) loan. Still, this is at least a month faster than most other SBA loans.Īs with other SBA loans, you will also need to prepare a comprehensive loan application package to apply for the Express loan. However, the approval from the partnered bank could take several weeks, which means that the total time to funding could still be one to two months, depending on the lender. The Express loan is typically approved by the SBA within 36 hours, making it the fastest SBA loan application process. The downside is that, while the processing time is much quicker than other SBA loans, the maximum loan amount is low at $350,000. What About SBA Express Loans?Īre SBA Express loans actually faster than regular SBA loans? In short, yes. Step 3 takes around five days for borrowers to receive funds. The SBA states that the first and second step takes an average of four weeks.
#Sba loan status verification
Receiving an SBA disaster loan is a three-step process: Application, Property Verification & Loan Processing Decision, and Loan Closing & Disbursement of Funds.
#Sba loan status software
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