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.
How to Check SBA Loan Status
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 answerdesk@sba.gov.
How to Check SBA EIDL Loan Status
If you’ve submitted an EIDL application, visit the SBA Economic Injury Disaster Loan Portal to check the status of your loan.
How Long Do SBA Loans Take to Process?
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.
- Application processing time. Because processing times vary from lender to lender, it’s difficult to determine the exact timeframe you should expect. As a general rule of thumb, you can expect this step to take around 30 days from start to finish. By ensuring you meet the SBA loan requirements before starting, you can expedite this step.
- Application review and underwriting. After submitting your loan application, it can take around two weeks for the underwriting process to be completed. This will depend on several components, such as the type of lender, whether or not collateral is required, and the type of loan you are applying for.
- Loan agreement. If your loan has been approved, it can take anywhere from 10 to 21 days to complete the loan agreement process.
- Processed funding. Once you have signed and agreed to the terms of the loan, it can take around one to two weeks to obtain funding from your loan.
What are the SBA Loan Statuses
- Current: A funded loan in which payment has been made on time, within 31 days of the month’s ending date.
- 31-60 Days Past Due: A funded loan in which payment has not been made and interest paid-to-date is 31-60 days from the month ending date.
- 60+ Days Past Due: A funded loan in which payment has not been made and the interest paid-to-date is greater than 60 days from the month ending date.
- Deferred: A funded loan in which the principle, interest payments, or both have been suspended until further notice.
- In Liquidation: A funded loan that has been defaulted on and is in the process of liquidation.
- Paid-in-Full: A funded loan in which all payments have been made.
- Transferred: A funded loan that has been transferred to a different lender than the original loan.
- Charged-Off: A funded loan that has been defaulted on in which the SBA has no reason to believe further payment will be made, and it is removed from their active accounts receivable records.
- Fully Undisbursed: A non-funded loan.
Tips to Speed up the Process
Understand the Requirements
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.
Work with a Fast Lender
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!
Understand the Type of Loan
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.
Be Prepared with Documentation
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.
Find a Lender That Knows Your Business
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.
Closing Thoughts
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.
Key Takeaways
