How Long Does It Take to Get a Small Business Loan?

At Renaissance International Ventures, one of the most common questions we get about our small business loan program is how long it takes to get qualified. Business owners love the low interest rates and large funding that SBA loans provide, but they also need to get funds relatively quickly. This type of financing can take more time than short-term loans, but the benefits are worth the wait. At the same time, our team does everything possible to speed up approval and help you get amazing terms for business growth.

What Are the Benefits of SBA Loans?

The reason small business loan programs are popular is that they’re designed specifically for the circumstances of small business owners. These government-backed loans can help your company qualify for terms that would otherwise probably be out of reach:

• Amounts up to $5 million
• Exceptionally low interest rates
• Long repayment terms
• Sizable funding for business needs
• Large variety of uses (e.g. equipment and real estate)
• Comfortable terms
• High loan-to-value ratio
• Fixed interest rates

You can use SBA loans to purchase or improve real estate for your business. This type of financing can allow you to expand your office or build a new warehouse. You can also use the funds to buy heavy machinery, construction equipment, and other industry-specific items.

Why Do Small Business Loans Take Longer for Approval?

The delay in completing your small business loan application isn’t on our end. Our team is proud to support local business owners, and we work hard to help you qualify. Because SBA 7(a) and 504 loans are partially secured by the government, however, there are specific sections of the application that you need to fill out and document carefully. Fortunately, we’re ready to help you.

We can help you get prequalified in a day or two. After that, it’s a matter of submitting the application and waiting for the Small Business Administration to process it. We do our best to explain anything you don’t understand and offer great recommendations. Find out more right away.