An SBA 7(a) loan may take 60-90 days to complete the approval process. Furthermore, if your lender is an SBA Preferred lender, they will be able to approve your loan considerably more quickly than a non-preferred lender. If time is an issue, dealing with a lender that has already handled SBA loans is a smart option. Getting an SBA 7(a) loan may take weeks from start to finish since you must prepare your papers, visit with the bank, prepare additional documents, wait for underwriting, and then wait for the loan to close.
The procedure may go considerably quicker if you arrive to your lender with all of your papers in order. Here’s a rundown of some of the most frequent documents you should bring with you to your lender:
-Statements of bank accounts
-Statements from IRAs, 401(k)s, and other retirement accounts
-Statements of life insurance reflecting the current cash worth
-Documents demonstrating the current value of an investment
-Other income statements (like pensions)
-Statements of credit (such as mortgages, credit cards, and auto loans)
Visit our page on all SBA paperwork for additional information on the particular documentation you’ll need to present to your lender, as well as the SBA-specific forms you and your lender will need to complete.
The Small Business Administration’s (SBA) Express Loan Program
The SBA Express Loan program is focused on quick turnaround times. The maximum loan amount is smaller than the 7(a) Standard loan because of the loan’s fast processing period. You may get an SBA Express loan for up to $350,000 in as little as 36 hours.