Working Capital SBA loans don't take as long as you would expect to close. As compared to the relatively recent past, SBA loans now have the ability to close within weeks, not months. FastwaySBA moves efficiently with our banking partners to quickly move applications and underwriting steps forward.
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There are two main factors that affect the speed in which an SBA loan can get funded:
The first is the level of complexity of the applicant's file. If the SBA lender has multiple questions regarding the business, this can definitely prolong the process since the back and forth will add time. Business ownership questions, current debt obligation discrepancies, PPP forgiveness or EIDL activity, and personal or business debt liability questions will slow down the process. This is why our processing team at FastwaySBA performs this due diligence before applying with the bank. This better ensures a process that is
The second factor relating to the speed of funding is the turnaround time of the bank’s underwriting. The internal underwriting process differs from bank to bank and will directly correlate to how quickly the loan processes. The time it takes for underwriting to perform due diligence on a business loan application is different for each bank. This is due to internal processes, the volume of applications in processing at any given moment and the available manpower to analyze applications. This is why it’s important to work with a lender that has the
FastwaySBA Works with the Nation’s fastest and most capable SBA lenders to ensure a process that is Fast! The first step in getting an SBA loan is to verify some key requirements; Get Started Here.
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