Loan Agreement and Loan Closing
The SBA lender usually contacts you for further steps to be taken. Initially, if your loan gets approved, they respond through a letter of intent. This contains all the conditions that would be involved in the loan. If you are in agreement with the terms, you have to send them a response of the signed copy of the same. After this, you have to prepare a loan underwriting which takes up to 4 weeks. Sometimes you are requested to submit additional documents.
If everything is fine in the submitted underwriting, the SBA lender will send a loan agreement that contains all the terms and conditions of the loan you agreed to. Some lenders may attach a deposit requirement as well.
Loan closing is the process where you finalize the documentation. This could take a while depending on the loan. At the end of the process, you will sign the agreement, and pay SBA guarantee fees and closing costs. After this, you will receive funds on your account.