If you're one of the many small business owners who have applied for an SBA loan, then you may be wondering how to check the status of your loan. Don't worry, you're not alone! In this blog post, we'll walk you through the steps on how to check the status of your SBA loan application. We'll also provide some tips on how to improve your chances of getting approved for a loan. So, whether you're just starting the application process or you've been waiting for approval, this blog post is for you!
How Do I Check the Status of My SBA Loan Table of Contents
How Do I Check the Status of My SBA Loan?
The first step is to log into the SBA's website. Once you're logged in, click on the "My Account" tab at the top of the screen. Then, click on the "Loan Status" link. On this page, you'll be able to see whether your loan application is still under review or if it has been approved/denied.
If your loan application is still under review, there are a few things you can do to improve your chances of getting approved:
Check Your Paperwork
Make sure all of your paperwork is in order and complete. Incomplete applications will often be denied outright.
Check with your bank or lender
To make sure they have everything they need from you. Sometimes, additional information may be required in order for your application to be processed.
Stay in communication with your loan officer
They can provide you with updates on the status of your application and let you know if there are any changes that need to be made.
If your loan has been approved, congratulations! You'll soon be receiving the funds you need to help grow your business. If it's been denied, don't give up! There are other financing options available to small businesses, so explore all of your options and find the one that's right for you.
What Happens After SBA Loan Is Approved?
After your loan has been approved, you'll receive a notification from the SBA. The next step is to work with your bank or lender to finalize the loan agreement. Once that's done, you'll be able to access the funds and start growing your business! If you want to find out more about what happens after your SBA is approved, check out this little guide to SBA loans.
How Long Does It Take to Get SBA Loan Once Approved?
The timeline for receiving your loan funds will vary depending on the type of loan you've been approved for. For example, if you've been approved for an SBA Express Loan, you can expect to receive your funds within 36 hours. However, if you've been approved for an SBA Disaster Loan, it may take up to 21 days to receive your funds.
No matter what type of loan you're approved for, the most important thing is that you have a plan in place for how you'll use the funds. By taking the time to develop a sound business plan, you'll increase your chances of success and ensure that your business is able to thrive in the long-term. You can find out more about how long it takes to get an SBA loan once approved here.
What is The Minimum SBA Loan Amount?
The minimum loan amount for an SBA Express Loan is $500, while the maximum loan amount is $350,000. For an SBA Disaster Loan, the minimum loan amount is $500 and the maximum loan amount is $200,000.
SBA Loan Interest Rates
The interest rate on an SBA Express Loan is capped at 11.25%, while the interest rate on an SBA Disaster Loan depends on the type of disaster that occurred. For example, if you're applying for a loan in response to Hurricane Harvey, the interest rate would be as low as three percent.
How Do I Repay My SBA Loan?
You'll need to work with your bank or lender to set up a repayment plan. The repayment schedule will vary depending on the type of loan you have and how much money you borrowed. However, most SBA loans have a repayment period of two to seven years.
Can I Apply For More Than One SBA Loan?
You can apply for more than one SBA loan, but you'll need to have a good reason for doing so. For example, if you're applying for an SBA Disaster Loan to help you recover from Hurricane Harvey and an SBA Express Loan to help you expand your business, that would be considered a valid reason. However, if you're just trying to get as much money as possible, that's not going to fly.
When it comes to SBA loans, it's important to remember that these are not "free money." You'll need to repay the loan in full, plus interest and fees. So, make sure you only borrow what you need and that you have a solid plan in place for how you'll use the funds.
What is Hazard Insurance for an SBA Loan?
Hazard insurance is a type of insurance that covers damage to your property caused by natural disasters. If you have an SBA loan, you'll be required to carry hazard insurance on your property. This will help protect the lender in case your property is damaged or destroyed by a disaster.
While it's not required, you may also want to consider purchasing flood insurance. Flooding is not covered by most homeowners insurance policies, so if your property is located in an area that's prone to flooding, this could be a wise investment. You can find out more about hazard insurance for an SBA loan here.
Will My Credit Score Affect The Status of My SBA Loan?
Yes, your credit score will affect the status of your SBA loan. The better your credit score, the more likely you are to be approved for a loan. However, even if you have bad credit, you may still be able to get an SBA loan by providing collateral or finding a cosigner.
Can I Get An SBA Loan By Providing Collateral?
Yes, you can get an SBA loan by providing collateral. Collateral is something of value that you agree to put up as security for the loan. If you default on the loan, the lender can seize the collateral to recoup their losses.
Types of collateral that can be used to secure an SBA loan include:
- Real estate
- Personal property
- Accounts receivable
What Happens if I Default on My SBA Loan?
If you default on your SBA loan, the lender will take steps to collect the money you owe. This may include seizing your assets, garnishing your wages, or taking legal action against you. Defaulting on an SBA loan can ruin your credit and make it difficult to get future loans.