How does SBA Loan approval process work
Here is an overview of the basic steps involved in obtaining an SBA loan from a bank in the SmartBiz Loans network.
SBA Loan Approval guidelines
Contrary to what many people think, the Small Business Administration (SBA) does not typically make loans directly to small business borrowers. Instead, it guarantees up to 90% of these loans to the lending banks that make them in order to reduce the bank's risk in providing low-cost capital to small businesses. In turn, the SBA requires small businesses to provide a comprehensive application package to demonstrate their ability to repay the loan.
The SmartBiz process
SmartBiz helps you assemble your SBA loan application before it is sent to one of our preferred SBA banks for review and funding. Approximately 90% of all loans referred to our bank network get funded. Throughout the application process, your dedicated Relationship Manager is available to guide you as you upload the required documentation and provide ongoing feedback on your progress.
Once your application is approved by the bank, funds can be deposited into your bank account in as fast as seven days.
The traditional SBA loan application process can take several months of hard work and still end up with a “no.” Instead, we help reduce the application time and difficulty significantly while increasing the likelihood of getting your application to a “yes.” Find out more information on small business loans and apply today.
Learn more about SBA loans
Start here and discover more about SBA loans and how they help small businesses.
Find out which types of businesses can be eligible for an SBA loan from banks in the SmartBiz network.
Current interest rates, how they work, and other fees and costs associated with SBA loans.
How you can use SBA loan proceeds to save money and grow your small business.
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1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and happens after your application is in the funding process and matched with a lender who is likely to fund your loan
2. Numbers based on internal reporting and metrics
3. Based on FY2020 SBA loans data released by the SBA for SBA 7(a) loans under $350,000
4. This calculator is a tool meant to help you estimate monthly payment amounts based on the information you enter. The monthly payment provided is an estimate meant for illustrative purposes only, loan sizes, interest rates, and loan terms vary and are determined by the applicant's credit profile.