Hi Anne!
According to the Snohomish County Business Journal, the typical
turnaround on an SBA loan is between ten and twenty days from
submission to approval, then fourteen to thirty days for processing
(funding occurs once the loan is processed):
"Under the standard processing approach, the lender approves the loan
internally subject to SBA authorization, then sends in the packet to
the SBA, said Mark Costello, chief of the finance division for SBA’s
Seattle District Office.
The SBA then would look at it and decide whether to guarantee the
loan. This process takes anywhere from 10 to 20 days, Costello said."
[...]
"“After the loan is approved, there are things they (borrowers) have
to provide,” such as additional financial paperwork, said McLaughlin,
whose bank became a Preferred Lender in 1990. “(It) takes between two
weeks and 30 days for a loan to be processed, subject to appraisal.
It’s really an easy process,” he said."
Snohomish County Business Journal
SBA program opens doors - November 2000
http://www.heraldbusinessjournal.com/archive/nov00/7aprogram-nov00.htm
Business Loan Express offers a somewhat faster turnaround:
"How soon can you close a loan?
The Business Loan Express loan program has been structured to offer
fast and decisive credit approval. Typically, we are able to provide a
commitment letter within a week to 10 days after receiving a complete
loan package. We are able to close a loan in as few as 30 days."
Business Loan Express
http://www.alliedcapitalexpress.com/faq_answers.cfm
For more information about SBA loans, About.com offers a terrific
resource listing:
SBA Small Business Loan Programs
http://usgovinfo.about.com/library/weekly/blsbaloans.htm
...as does PowerHomeBiz.com:
How to Get an SBA Loan - Lyve Alexis Pleshette
http://www.powerhomebiz.com/vol44/sbaloan.htm
I hope you've found this information useful! If you need further
assistance, please don't hesitate to ask for clarification. I'll be
glad to help.
-- Missy
Search terms: [ "SBA Loan" turnaround ] |
