In an effort to help new businesses and those struggling through the pandemic, the Small Business Administration (SBA) has drastically streamlined their approval and funding processes. In years past, it typically took a lender 60-90 days to approve an SBA loan. The good news is that lenders are now churning out SBA loan approvals in as little as 21 days.
Following approval of your SBA business plan and application, funds are available to qualified applicants within five days. This improved process continues to positively impact new and existing businesses throughout the nation in need of funds to start and fund their ongoing operations.
How to Get a Status Update on Your SBA Loan?
You’ve done all the hard work of filling out your application, gathering information, crossing every “I”, and dotting every “t”, so you definitely want to be kept in the loop when it comes to the status of your loan. So, how do you do this?
There are Several Ways to Communicate with the SBA
Finding out where your loan sits in the approval process is an important piece of the funding mix. There are three ways to do this. First, visit the SBA website. This is the quickest and most convenient way of finding out where you stand with regards to funding. Many of the nation’s largest banks support the SBA program and have portals that were designed specifically for this reason. Set up a login and password and periodically visit the designated domain to get the updates you’ll need.
Next, you can always call your lender directly to check the status of your application. If this is your preferred method, try to establish a direct point of contact with one or maybe two persons at the most as this will greatly reduce the amount of time you’ll spend on the phone. You can also email to obtain the status of your loan. Similar to the phone, try to establish a single point of contact as this approach will increase efficiency and also, cut down on wait time.
No matter which method of communication you choose, you’ll need to have your loan number handy. An important thing to remember is that your loan number and application number are not the same. This is a common mistake among applicants and one that can cause undue stress, wait, and worry. Just remember, your loan number can be found either on your statement or on a letter from the SBA. Keep that information accessible as it will be essential as you communicate with your lender throughout the application process. If you don’t have that information, the SBA Help Desk can be reached via telephone at 1-800-659-2955. Someone there will be able to assist you.
Once you’re approved, how do You Get Access to Your SBA Funds?
Now to the most important piece of the entire SBA Loan application process – when can you get your funds? This is the reason you’ve gone through all the forms, explanations, calls, and emails so it stands to reason you’d want to know. As previously noted, the SBA has dramatically cut down their approval timeframes and this means the time of disbursal has also improved. In most cases, your funds will be available within 5 business days or less. If you’ve received notification that your application has been approved and you’ve not yet received funding, you should contact the SBA directly. Someone there will be able to answer any questions you might have and help you get access to the funds your business has been approved for.
The Coley Group Is Here To Help With SBA Loan Business Plans
SBA loans can be valuable tools in the life of a small business owner. No matter which industry you’re operating in, The Coley Group is here to help guide you through this process. If you’re looking for a quote on a business plan, case study, white paper, or any other form of business collateral, feel free to contact us today.
