In small business, time is money, and there’s nothing more frustrating than spending time waiting for money. When you apply for a small business loan, there are a number of factors that help to determine how long it will take for your loan to be approved.
Among those factors are how soon you turn in your completed application, whether or not it’s a loan through the Small Business Association (SBA) and which particular lender and loan program you choose to go with.
For an SBA loan, approval time is usually between seven and 21 days, assuming that you complete the application paperwork quickly and correctly. The variation in the timeline is basically dependent on the type of loan applied for. The micro loan, which will grant a small business up to $35,000, is usually the quickest type of SBA loan to get approved, but it might take longer to actually receive the cash.
From other sources, a small business loan can approved in as little as 24 hours. A quick internet search will reveal a number of places that advertise approvals in between 24 and 72 hours from the time the correct paperwork is submitted. Of course, as with most dealings on the internet, you need to be wary of scams. There are a lot of loan companies that will promise you anything to get your business.
The best way to speed up the approval process is to complete the application paperwork correctly and supply the right documentation. Failure to do so may not just slow things down; it may prevent you from getting the loan approved at all. A major factor in the approval process is your business plan, so make sure that it is well written and up to date to assure the best result in the shortest time.
Getting a small business loan is an important event in the life of any business, and it’s usually very important to get approved quickly. With proper documentation and choosing the right loan and lender, your small business loan could be approved in just a few days.
To apply for funding for your small business, use the form on the right to begin the application process.
For more information, go to Small Business Loan at http://www.unsecuredbizloan.com/small-business-loan