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Small Business Administration (SBA) loans offer a secure financing solution to many small businesses in the United States. Lower interest rates and extended repayment periods make them attractive options for business owners.
A common question we get concerns the SBA loan approval process timeline. One of the most significant determining factors is how quickly you, the business owner, complete the required tasks throughout the process. Responding and providing documentation quickly could shorten the process to as little as two months. Alternatively, it could take years. BFG can guide you through the process.
Getting an SBA loan can be a catalyst for your small business’s growth. It helps to understand the timeline of how it works so you can stay on track and have realistic expectations for the process.
The process of getting an SBA loan begins with an initial consultation. At Business Funding Group LLC (BFG), we offer a free call to discuss your business and loan needs. During this call, we may discuss several topics, such as:
After that initial consultation, you would send us some basic documents for pre-qualification. How long this step takes is entirely up to you. Some complete this process in a few days, while others take weeks or months. The sooner you send us your documents, the faster we move forward.
We review your documents as soon as we receive them, and you could receive pre-approval in about two business days. We move on to the next step once we get you the loan type and amount you requested.
After pre-approval, we could help you with data collection. Gathering the necessary documents to include with the official loan application could take time, especially if you have not kept organized records. But again, the approval process timeline for an SBA loan depends on how quickly you provide us with the required documents.
Some documentation that is usually needed includes:
Once we receive all the documents, we review them and prepare the file for submission to a lender, which usually takes a few days.
We send your application to a lender for review. Before the application goes to a loan committee, the lender may have underwriting questions that need answering. This process typically takes two to three business days but relies on your quick response to the lender’s questions.
A few days after you answer the underwriting questions, the lender sends a commitment letter if they approve the loan. The letter includes the SBA loan’s terms and conditions.
Once the commitment letter is signed, the lender submits the loan to the SBA for authorization. Depending on the specific loan program you apply for and the SBA’s workload, this process could take as little as two weeks or as long as six.
When the SBA officially approves the loan, usually it has already closed. The closing timeline could depend on the use of proceeds. For example, a real estate purchase may take longer than a smaller working capital loan.
At BFG, we specialize in helping you obtain the funding you need to grow your small business. Working with professional loan packagers like us speeds up the process because we know how to do it efficiently. We help our clients gather and organize all documents to be submitted, connect you with the right lender, and ensure all paperwork is completed on time and accurately.
You could streamline the SBA loan approval process timeline by working with our experts and attempting to complete everything as quickly as possible.
Getting your loan approved and funded efficiently helps you do what you do best: work on your business. Call BFG today for help with your application. We offer a complimentary call to discuss your eligibility, financing needs, and to get the process started.
(917) 593-5013