How Long Does It Take to Sanction an SBA Loan?
The exact time it takes to get the SBA loan application verified changes according to every case. One of the factors involved is the time of preparation of an extensively researched business plan or financials. This alone could take up to months in some cases. Another important factor is the time it would take for you to compile the paperwork and documentation required to prove your financial credibility. Apart from these factors, the time it takes to get the loan finalized depends on the lender’s condition and convenience. On average, the process takes about 60 to 90 days for the SBA loan to get approval. Note that applications requesting larger amounts take more time for the valuation.
Possibility to Expedite the Process
It is possible to expedite the process. Initially, one needs to understand about the SBA program that they wish to pursue so as to be prepared for the necessary steps. Furthermore, they should keep all the essential paperwork and documents ready before applying. Make sure to follow the recommended business plan outline provided by the SBA, so as to avoid unnecessary questions later. Remember to check with several SBA lenders to know their timelines. Make it a point to answer the questions from these lenders quickly.