SBA SERVICES FOR SMALL BUSINESSES

Although applying for SBA loans is relatively easy, getting approved is where many businesses run into problems. Without a carefully prepared application, you can get rejected and lose out on low-cost, government-backed financing. Businesses that use a SBA loan application consulting service have the highest chances of being approved.

The SBA loan approval process can take between 30-90 days, depending on the type of loan. Microloans of $50,000 or less can be acquired more quickly, but may have more complicated requirements. A SBA consultant will be able to give you estimated timelines for approval and funding based on the loan you are applying for.

Some SBA loans can be forgiven, but not all. For example, the Payroll Protection Program (PPP) offered as part of the COVID-19 pandemic relief funding is forgivable, meaning it does not need to be repaid as long as you comply with the terms for forgiveness, such as maintaining employee pay levels and funds being used for payroll. On the other hand, the SBA Economic Injury Disaster Loan (EIDL) is not forgivable, except in special circumstances like your business shutting down and dissolving. The terms of each SBA loan program will determine if and when it can be forgiven.