Post-Application in SBA Loans
You will have provided many documents, which would take time to go through a thorough review process. There are a few further processes you may face after you submit your application in this way. Below is a discussion of the post-application processes involved after the submission of the application for SBA loans.
Letter of Intent
After you have submitted your application, you can anticipate a response within a week or two on whether they have decided to move ahead with the application. If they are in favor of your application, they will send you a letter of intent telling you the amounts you have qualified for, and the likely terms and rates available to you. You return a signed copy of the same if you are in agreement with the conditions.
A few lenders need a refundable deposit in order to progress with loan underwriting. A formal underwriting of SBA takes between 2 and 4 weeks. During this process, the loan officer may contact you for clarification of data on submitted documents. Sometimes you may be asked to provide more documents to successfully complete the process.