How Long Does it Take to Get an SBA Loan?

If you own a business, you’ve probably considered getting an SBA loan at one point or another. These low-rate, long-term loans are, for many business owners, the ideal type of financing. 

Because these lower payments are spread out over a longer period of time, SBA loans are especially great when you take out a loan that won’t directly drive revenue. For example, if you’re using financing to replace your old roof, then an SBA loan is the perfect fit. SBA loans can still be invaluable with revenue-oriented goals, too.

But while they are a good option on the market, SBA loans can be difficult to receive.

On average, it can take 3-6 months (or more) to receive an SBA loan if you go through traditional banks. If you don’t, then you may actually be able to receive funding at a much faster rate. 

Let’s break the process down with each type of lender.

Getting an SBA Loan From a Bank: 3-6 Months (At Least)

Like other types of funding, banks are often the first place business owners go for financing, including SBA loans. 

This funding is backed by the federal government, and because banks are wary of risk, require lengthy applications. With these long applications comes plenty of potential for error.

Banks aren’t always quick to respond, either— you may find yourself waiting several months after applying to even learn if you qualify. Because bank standards are so high, you may be rejected, and start back at square one. 

Going through other lenders may speed up the process slightly, but it’s important to remember the high potential for error. 

If things do move along perfectly, then you should expect your business to be funded around the 3-6 month mark.

Instead of applying through a bank, the Business Financing Advisors can help you get SBA loan funding as quickly as you need it!

A Better Way to SBA: Immediate Funding in 24-48hrs, and SBA Loan in 45-60 Days

National’s Hybridge? SBA Loan is the best SBA option on the market to get the fast funding your business deserves, without paying sky-high rates. Here’s how it works.

First, you must fill out an application, which only takes 60 seconds to complete. Then, one of the knowledgeable Business Financing Advisors at National can guide you through gathering the rest of the paperwork, which is far less than a traditional SBA process and much more streamlined. 

In less than 48 hours after completing the application, you’ll be notified about which programs you qualify for. After you settle on a decision, you can receive bridge funding immediately! 

Using these funds, you can begin tackling your new opportunities or overcoming challenges right away.

Around 45-60 days later, you’ll receive your new SBA-backed funds! Thanks to the lower rates and longer terms, paying back this financing is easier on cash flow (especially for non revenue-driving business needs). 

Apply for the Hybridge? SBA Loan right away to get started growing today!

About National Business Capital & Services

National Business Capital & Services is the #1 FinTech marketplace offering small business financing and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time.

For every deal we fund, we donate 10 meals to Feeding America!

Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advice from National Business Capital & Services and the author. Do not rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely on this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there may be errors, omissions or mistakes.