How long does it take to get an SBA loan? An expert weighs in

In business, timing is everything. So, when you want to capitalize on an opportunity to purchase inventory, a new facility, or even a whole new business, chances are you’ll need fast access to capital. With lower rates and easier qualifying requirements than those of traditional loans, Small Business Administration (SBA) loans are often the perfect solution.

But how long will it take to get that SBA loan?

To explain the approval timeframe and the factors that impact it, we spoke with Citizens SBA Program Director.

"In recent years, the SBA has really streamlined the approval process to help businesses get the money they need faster. At Citizens, for example, we can get a small SBA loan approved and closed within less than 10 days in some instances, and more complex loans within 30-45 days, which exceeds industry standards.

In addition to a lender’s PLP status impacting the timeframe for approval, the borrower can also impact how quickly an SBA loan can close. "You need to be an organized, educated, and motivated borrower,". According to Mass, that requires having all the required documentation and information the lender requires upfront, such as financial statements, cash flow projections, and personal and business tax returns. And, contrary to the perceptions of the SBA product in the past, there is only ONE additional "paperwork" for SBA vs conventional loans, which is the borrower’s application, SBA form 1919.

The process of getting an SBA loan approved is generally no longer than that of a traditional business loan. Remember, you can make the process even faster by being prepared, choosing a Preferred Lender, and allowing third-party companies access to the property or information they need.

Ready to apply for an SBA loan?

Learn more about SBA loans. As a Preferred SBA lender, Citizens offers a streamlined application and fast decisions. We will, however, take the time to listen and understand your business and help you find the solution that works for you.

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