If you are looking to expand your business, a loan guaranteed by the Small Business Administration (SBA) might be right for you.
SBA loans can provide funding for a wide range of business needs like real estate, marketing, staffing, inventory, equipment, and more. Securing SBA funding can be the key to unlocking your business’s next phase of growth and success.
Our team at Business Funding Group LLC (BFG) has decades of experience and can help you complete the application process without issue or delay. Reach out today to learn more about how to apply for an SBA loan.
We’ve outlined each step of the SBA loan application process below to make it easy for you, from your initial consultation to final approval.
To get started, you will first speak with one of our experts at BFG. In this 10-15 minute call, we will discuss:
The next step is sending in the required documents to get pre-qualified.
Our team will pre-approve you based on the documentation you submit. This step takes about two business days.
Next, you will work with the BFG team to gather all the required documents to submit your application to a lender. This step typically takes 1-2 weeks.
After all documents have been collected, our team of experts will review them and prepare the file for a lender.
The lender will review the file and ask any questions they might have for you, the business owner. There may be questions about underwriting, for example. You respond, and then it goes to a loan committee. This can take as little as 2-3 business days.
This step in the application process is a significant milestone, as it represents the lender’s agreement to provide the loan. The commitment letter outlines the terms and conditions of the loan. We will review it to ensure the terms align with your business goals.
Once you agree to the terms and meet any pre-closing conditions, you will sign the commitment letter. This signifies your acceptance of the lender’s offer.
The lender will submit to the SBA for authorization. This step can take anywhere from 2-6 weeks, depending on the type of loan and how busy the SBA is.
While we wait for the SBA authorization, we will help you prepare for closing.
The closing process consists mainly of collecting some more documents like entity paperwork, tax transcripts, and necessary reports (appraisals, environmental assessments), as well as confirming wiring instructions to complete the loan disbursement.
This is typically done by the time the SBA approves the loan, although it depends on the use of the proceeds.
Once the closing process is finalized and the lender has received the SBA authorization, we will assist you in scheduling a closing date and time that works for you.
As a business owner, your role is critical in the success and timeliness of your SBA loan application. While BFG brings experience and expertise to assist you in applying for an SBA loan, your active participation ensures the process is efficient and smooth.
You control how quickly the process goes. From start to finish, it can be done in as short as two months with responsiveness and dedication to completing it.
On the other hand, it could take years due to delays in communication and missing or incomplete documentation.
To help streamline the process, you can:
With that said, BFG is committed to providing thorough and quick help, so the timeliness of your loan is greatly up to you.
BFG has extensive knowledge of the SBA loan application process. We can guide you on how to apply for an SBA loan step by step with ease. Regardless of how much money you are trying to get or what you need it for, we can help you.
Over a 15-minute phone call, we can determine your eligibility and get the process started.
If you are considering an SBA loan for your small business, reach out to Business Funding Group today.
(917) 593-5013