If you’ve applied for an SBA loan, you might be wondering how to check the status of your application. Because of how long the application process takes, it can be helpful to know where you stand. Here’s how to check the status of your SBA loan and a few things you can do to accelerate the process.
To check the status of your SBA loan, access the SBA portal and use your login credentials. From there, you will be able to see the current status of your loan.
If you don’t currently have a CAFS account, access this page for enrollment instructions.
For more help, you can contact SBA’s customer service by calling 1-800-827-5722 during business hours or by emailing firstname.lastname@example.org.
If you’ve submitted an EIDL application, visit the SBA Economic Injury Disaster Loan Portal to check the status of your loan.
After submitting your SBA loan application, you might be eager to know when and if your loan has been processed. There are a few steps that will ultimately determine how long it takes for your SBA loan to be processed. Generally, from start to finish, it can take anywhere from two to three months to receive the funding from your loan.
Ensuring you meet the requirements for an SBA loan will help to expedite the process, so you can obtain the funding your business needs. You can find the requirements for SBA loans here. If you find that you don’t meet the current requirements set by the SBA, you might opt for a traditional small business loan instead.
Because processing times can vary from lender to lender, it’s wise to work with a lender that holds an SBA Preferred Lender title. These lenders are granted more authority to process loans that can accelerate the time required to process your loan. Llama Loan can give you the best option for your needs. Contact us today to get started!
Different SBA loans will require more time to process than others. For example, SBA Express loans can be granted within just 36 hours after the lender has approved it for eligibility. SBA 7(a) loans will require more time to process, but they also offer higher loan amounts and a more competitive interest rate.
If you meet the requirements for an SBA loan, having all of the proper documentation convenient will help to quicken the process. Additionally, you should be prepared to answer any questions that a lender may have in a timely manner.
Not all businesses are created equal. Having a lender that understands the ins and outs of your business can pay dividends in how quickly your loan is processed. They can help you navigate the requirements and avoid delays that might occur during the process.
Applying for an SBA loan can be a lengthy process that can take anywhere from two to three months to be approved or denied. To check the status of your SBA loan, you can visit the SBA Portal, or you can reach the SBA office via phone or email.