How Long Does It Take To Get An SBA Loan Approved?

Wondering what the turnaround time is for an SBA loan? 🤔
Some lenders will offer funding in as little as 30 days, although these efficient lenders are quite rare.
Here are some common expected approval times (please do note that these can vary):
• SBA 7(a) loans: Usually takes about 2-3 months to be approved.
• SBA 504 loans: Loans take around 30-45 days from application to funding. Approval time, however, can take anywhere from 1-6 months.
• SBA Microloans: Receiving a microloan can take anywhere between 30 & 90 days.
• SBA Disaster loans: The first & second steps take an average of 4 weeks. Step 3 takes around 5 days for borrowers to receive funds.
Keep in mind that the more exact & correct you can be in your preliminary applications, the better chance you have of getting a quick response from the SBA.

[@greencitylawnmaintenance1727]

I’ve been in underwriting for about a month now. They have not reached out to me with any update since I last seen my loan officer. Is no news, Good news.?

[@officialqueensolid]

😁 Just like that! 😮

[@MerchantMaverick]

Thanks for watching!

[@tedglxry420]

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