Preparing your credit report before applying for a Small Business Administration (SBA) loan is a crucial step in the process. It‘s important to review each of your credit reports from all three credit bureaus and make sure all of the information is accurate. You should also ensure that all of your accounts are in good standing and that you have a solid payment history. If there are any errors or outdated accounts, contact each of the credit bureaus directly to have this information corrected before submitting your application for an SBA loan.

How do I prepare my credit report for a SBA business loan?

1. Review your credit report for accuracy. Make sure all the information is up to date and accurate.

2. Pay off any outstanding debts or collections that are listed on your credit report.

3. Dispute any errors or inaccuracies that you find on your credit report.

4. Contact creditors to negotiate payment plans for any outstanding debts that you cannot pay off in full.

5. Monitor your credit report regularly to ensure that all information is accurate and up to date.

 

Post-Application in SBA Loans

After submitting your application for an SBA loan, you may face a few further processes. These processes involve a thorough review of the many documents you have provided, which may take some time.

LETTER OF INTENT

Once you have submitted your application, you can expect to hear back within a week or two regarding their decision. If they are in favor of your application, they will send you a letter of intent outlining the amounts you have qualified for and the terms and rates available to you. To accept the conditions, simply return a signed copy of the letter.

UNDERWRITING

During the SBA loan underwriting process, which typically takes between 2 and 4 weeks, you may be contacted by the loan officer for clarification of data on submitted documents. Additionally, you may be asked to provide extra documents in order to progress with the process. In some cases, a refundable deposit is also required by the lender.

If you believe your business is ready for a business loan from the SBA or you have questions, please get in touch with us at 888-369-4332 to find out more info or fill out our online application today for a business loan.

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