SBA Loan Timing
There are many factors that determine how long it takes to apply for and close an SBA guaranteed loan. These factors include the experience and competence of your banker, the banks loan pipeline density at the time of your application, sufficient staffing levels, the banks internal processes including whether the bank uses automation efficiencies where possible or are they still doing everything hand to mouth.
Perhaps the most important factor is you, the applicant. Remember, in most cases the bank and other third party professionals tasked with processing your loan are experts and will process your loan request quickly. But in my experience what really drags out the loan process is the applicant’s inability to complete forms and answer questions quickly and accurately.
The loan process should take no longer than between 45 – 60 days if everyone is doing their part.
My SBA Loan Pro
The My SBA Loan Pro Podcast is hosted by Your SBA Loan Pro, Ryan Smith. In each episode Ryan provides valuable information and best practices regarding the SBA loan program.
Each episode is approximately one minute in length and addresses topics related specifically to SBA 7(a) and 504 loan programs to purchase real estate, acquire a business or franchise and obtain working capital.
You’re encouraged to listen and subscribe to ensure you’re notified each time a new episode is available. Ryan publishes a new episode weekly on Tuesday mornings, unless he’s kidnapped to a deserted island of course.