Turnaround Times After Applying for SBA Loans
An SBA loan is an attractive option for small business owners who are looking for affordable financing for long-term expenses. Whether you’re purchasing property or looking for disaster relief protection, you can find an SBA loan for your unique situation. If you’re looking for a quick option or researching the turnaround times for various SBA loans, find out all you need to know today.
SBA 7(a) Turnaround Times
For most SBA loan options, expect to wait between 30 days and three months for funding. This basic rule-of-thumb depends on a number of factors, including your specific lender and how quickly you can complete paperwork. If you’re applying for an SBA 7(a) loan, look for an SBA Preferred lender. These lenders are capable of processing applications faster than traditional lenders, so you may be able to receive your loan in 30 days.
SBA 504 Turnaround Times
Because of the more specialized nature of SBA 504 loans, the turnaround times for this option can vary dramatically. Expect to receive a loan approximately one and six months after beginning the application. Six months is at the extreme end of the timeline since most loans only take between 30 and 45 days to process. The waiting period is mostly dependant on the type of asset you’re attempting to secure funding for.
SBA Microloan Turnaround Times
A microloan is a great option for a faster, more responsive loan. Microloans still have more paperwork and steps than many traditional funding options, but you can receive a microloan in approximately four weeks.
SBA Disaster Loan Turnaround Times
In the event of a disaster, you need fast funding to quickly restore your property. SBA lenders endeavor to approve disaster loans more quickly than traditional SBA loan options, so you can receive full disaster relief funding in approximately four to five weeks. You still need to go through an application, property verification, processing, and disbursement steps.
SBA Express Turnaround Times
For a rapid loan option for your small business needs, consider an SBA Express loan. These loans can be disbursed in as little as 36 hours. This lightning-fast funding option is perfect for emergency situations where you need to restore equipment, make payroll or invest in another growth area in your company. Don’t let delayed SBA loans cause your business to stall, but find a flexible solution that meets your financing deadlines today and grow your business with a generous SBA loan.