A number of factors go into approving an SBA loan. 1st Source has certain credit policies in place that need to be met. But in the case of an SBA loan, some of those requirements are relaxed. We still need to ensure that we are meeting all SBA credit and eligibility requirements, but your SBA Relationship Specialist is trained to guide you through the process and advocate on your behalf.
Whether you prefer to apply online, over the phone or in person, we make your application experience as convenient and hassle-free as possible. It is often best to discuss your specific needs with an SBA Relationship Specialist when getting started so they can understand all of your needs and offer the best guidance. You can connect with one any way you like, by email, online chat or phone.
Because the SBA guaranty programs are designed to assist small businesses with gaining access to financing when it might not otherwise be available, this is one area that the SBA can be very flexible on. The collateral required depends on the specific SBA loan program and both the amount and purpose of your loan. Most often, only collateral that is available to be pledged will be required for the loan approval.
It depends. The credit history of the business owner(s) is one of many factors taken into consideration in the underwriting process. It is an important one, however, as both we and the SBA must be reasonably assured that the loan can be repaid. In the event a low personal credit score results in your loan not being approved this time, your SBA Relationship Specialist often can provide you the steps to take to make the necessary improvements to ensure a positive outcome the next time around.
The turnaround time varies depending on a few variables, such as the loan amount, the recommended SBA program type and purpose of the loan. Because we are a preferred provider, the SBA process adds only about two additional days to our standard process for conventional loans. So basically, as soon as we get the necessary information from you, we move your application on to the next level as soon as possible.