60 to 90 days
People also ask
How long does it take to get an SBA loan?
Step 1: You鈥檒l collect the appropriate documents and submit your SBA loan application. This part of the process can take anywhere from one to 30 days.
How does the SBA loan process work?
Other SBA loans have similar processes in which a potential borrower must fill out an online form describing the business鈥檚 needs. From there, the SBA will match you with possible lenders with whom you can discuss SBA loan rates and terms and formally apply for their loan. These in-depth applications do take time to fill out.
How can I reduce the time to get an SBA loan?
Gathering the needed documents into a complete application package is one way to save some time during the approval process. The SBA loan application process generally takes 45 days or more in some cases, of which a business owner will spend the majority of time gathering paperwork for the lender.
Is the SBA loan application process difficult?
As a first time SBA loan applicant, you may find the application process to be fairly complicated. The good news is that there are many resources available for applicants.