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    2 Replies Latest reply on Sep 12, 2009 12:24 PM by denote

    how long does it take a bank to review a sba loan?

    johnfla Newbie
      I recently went to a local bank branch and submitted my documents (business plan, supporting documents, resume, credit report, tax returns) to a commercial lender representative at the bank. I was told he would need 2 weeks to let me know. Is this typical? The bank is a preferred sba lender (the representative told me that he has done sba loans before) and based on what I been reading, preferred sba lender status allows the bank to make a quick decison within a few days. Why did the bank representative telling that he will let me know in 2 weeks? What is the average time to review an sba loan package and provide an answer on the loan request?
        • Re: how long does it take a bank to review a sba loan?
          biz.coach Wayfarer
          John, the "average" time won't do you any good at all. You've been told it will take two weeks, and you can count yourself fortunate that it won't take any longer. Two weeks is actually pretty fast if it has to go through many layers of review.
          • Re: how long does it take a bank to review a sba loan?
            denote Wayfarer
            Hello Johnfla;

            I am trying to start my own business as well. I have secure most of the required paperwork in starting my own business. I have take some of the SBA's online courses for starting a business. I am trying to get more information about the difference in the Micro Loan and the ARC Loans. Which is both supported by the SBA. I understand some of it but where do the banks come in on the which loan is the best for you and your business. Why did you need to take your resume as a supporting document? Where or do you have a list of banks that supports small business and represents the SBA?