Get Let Us Help You With Your Application - Sba

As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances.

Once the SBA approves you for the loan, the lender will send out a commitment letter or loan agreement that outlines the loan's terms, including the loan amount, interest rate, repayment period, and other terms. Review and sign the document only if and when you find the terms favorable.

Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.

The lender will be in touch with you to let you know if your SBA loan has been approved. This will include a formal commitment letter with your final terms and conditions, including: Loan amount.

On average, most SBA loans take 30 to 90 days from applying to funding. 7(a) loan subtypes are backed directly by the SBA. The SBA's turnaround time is 2 to 10 business days, but approval from your chosen lender can take 30 to 60 days. Microloans are loans for smaller amounts of $50,000 or less.

Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.

In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Normally, businesses must meet SBA size standards, be able to repay, and have a sound business purpose. Even those with bad credit may qualify for startup funding.

Many statistics say that large banks approve SBA loans at rates as low as 20-30%, while smaller banks approve SBA loans at around 40% or less. All this to say: SBA loan approval rates hover at half or below all loan applications that are submitted.