31(b)(2)(C) of Small Business Act) 11. SmartBiz provides SBA 7(a) and PPP loans to small and large businesses. The type of loan program you apply for and the amount of money you wish to receive will be considered. Most importantly, be prepared to wait, and don’t be surprised if you are not regularly updated on the status of your application. January 26th, 2021. The SBA loan processing time is the time the SBA and its partner lenders spend assessing your loan application. How long will it take the lender to fund the loan? SBA 504 Loan Approval Time As with other loans, the approval time allotted for SBA 504 loans varies drastically. The downside is that, while the processing time is much quicker than other SBA loans, the maximum loan amount is low at $350,000. Fundera is a free-to-use marketplace that allows you to compare lenders side-by-side. That said, the average time to process a loan guaranteed by the Small Administration Administration is approximately 60 to 90 days, with an application for a large sum ($1MM+) taking slightly longer. SBA Express Loans: 30 to 60 days How long it takes to get an SBA 7(a) loan will depend on you, while some of it will depend on your lender. BlueVine offers free business checking with no monthly fees and no minimum deposit. The SBA might be calling you. Instead, you work with vetted lenders that play by the agency’s rules. If you’re applying for a 504 loan, your application will be roughly thirteen pages long. Small Business Administration (SBA) loans, Small Business Administration (SBA) loans  >. The SBA states that the first and second step takes an average of four weeks. Another thing to know about Express loans is that because the SBA backs only 50% of an Express loan (compared to 75%-85% of a traditional 7(a) loan), interest rates on Express loans tend to be somewhat higher. Updated: With typical lenders, the process of receiving an SBA loan takes up to two to three months. That’s not to say you don’t have options. The SBA does not have a typical time limit considering that just about every loan application differs. This may take as little as 10 minutes or as long as 12 hours. As a result, how long it takes for SBA 504/CDC loan approval will vary. The SBA guarantees loans for small business owners up to the following amounts: 85% on a loan of $150,000.00 or less; and. Though you may have access to funds in as little as 30 days, the funding timeline can vary. Wondering what the turnaround time is for an SBA loan? Your completed application will be submitted to the CDC, which will then assess the application and forward it to an SBA Loan Processing Center. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. Lastly, AICPA’s letter states, “that broader communication from the SBA that there is sufficient funding to support all Draw One and Draw Two loan requests, along with clear communication that processing time could be one to two weeks due to the increased validation checks and reviews, will greatly reduce anxiety with small businesses.” In comparison to other business loans, this is quite a lengthy process. How long does the SBA loan approval process really take? This extra SBA loan processing time is because the lender must weigh details ranging from the loan amount to the purpose of the financing. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Mar 20th I was told I was been approved by the smartbiz team and it is being reviewed by the SBA. PaymentCloud is one of our top picks for credit card processing! 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