{"id":11065,"date":"2022-06-23T11:50:13","date_gmt":"2022-06-23T16:50:13","guid":{"rendered":"https:\/\/www.fmconsulting.net\/gymsforsale\/?p=11065"},"modified":"2022-06-23T11:50:13","modified_gmt":"2022-06-23T16:50:13","slug":"applying-for-an-sba-loan-when-you-should-expect-funding","status":"publish","type":"post","link":"https:\/\/www.fmconsulting.net\/gymsforsale\/applying-for-an-sba-loan-when-you-should-expect-funding\/","title":{"rendered":"Applying for an SBA Loan? When You Should Expect Funding."},"content":{"rendered":"

When your\u00a0small business<\/a>\u00a0needs funding, an SBA loan may be a great alternative to more common\u00a0small business loans<\/a>.<\/p>\n

What is an\u00a0SBA loan<\/a>?<\/p>\n

Simply put, they\u2019re small business loans that are partially backed by the Small Business Association (SBA), a government agency. Because the SBA backs the loan, at least in part, lenders can offer funding on more flexible terms.<\/p>\n

Banks and other financial institutions offer SBA loan terms based on the business\u2019s financial records, credit reports, tax returns, and past loan history.<\/p>\n

At this point, you might be asking how to get an SBA loan, but you may want to consider a more important question first: how long does it take to get an SBA loan approved?<\/p>\n

How Long on Average Does it Take for SBA Loan Approval?<\/strong><\/h2>\n

In short, SBA loans aren\u2019t known for a fast approval process. Unfortunately, they tend to take about six months, however there are other ways to get you the financing you need in the interim.<\/p>\n

Six Months<\/strong><\/h3>\n

Yep, you read that correctly. On average, after you apply for an SBA loan, you\u2019ll have to wait six months before you see \u201capproved\u201d on your SBA loan application status.<\/p>\n

See, when you submit your SBA loan application to the lending organization, they have to turn around and apply to the SBA to get the loan guaranteed. This multi-step process takes more time than other financing possibilities. If you choose to\u00a0apply<\/a>\u00a0for an SBA loan with us, our streamlined process reduces that time to\u00a0as little as 45 days<\/strong>!<\/p>\n

Contributing Factors<\/strong><\/h3>\n

On top of that, lenders aren\u2019t always well versed in the SBA loan process, which can extend the time it takes to get approved. And, small business owners are usually required to submit a large amount of information, which can be hard to provide.<\/p>\n

Lenders want to see that the small business will be able to make SBA loan payments, which means they\u2019ll want to see credit histories and tax returns. More so, the SBA itself won\u2019t guarantee the loan until they\u2019re sure your business meets their rather stringent requirements.<\/p>\n

There are SBA disaster loans available for small businesses impacted by regional and national crises. If you\u2019re wondering how to apply for an SBA disaster loan due to COVID-19 or any regional disaster (floods, hurricanes, etc.), the process is the same but expedited.<\/p>\n

That said, even disaster loans take at least\u00a021 days<\/strong>\u00a0to process, which may not be fast enough, depending on your situation.<\/p>\n

What if I need Funding Sooner?<\/strong><\/h2>\n

You thought you wanted to know how to apply for an SBA loan, but now you may be wondering about other options. Luckily, there are plenty of other ways to fund your small business needs fast.<\/p>\n

Even if you need a small business loan despite bad credit or a lack of time in business, funding options exist. We offer both\u00a0Asset Based Loans<\/a>\u00a0and\u00a0Lines of Credit<\/a>, which offer same-day funding if approved!<\/p>\n

Apply now<\/a>, and we\u2019ll connect you with a knowledgeable Business Financing Advisor so you can find out which options are right for your small business. The application is simple, and we\u2019re sure that, with our help, you can get\u00a0back to business<\/a>!<\/p>\n

Click here<\/a>\u00a0for more details on financing options or call 214-629-7223 or email\u00a0jthomas@fmconsulting.net<\/a>\u00a0for more information. Or,\u00a0apply now.<\/a><\/p>\n

An\u00a0Outsourced CEO<\/a>\u00a0and expert witness, Jim Thomas is the founder and president of Fitness Management USA Inc., a management consulting, turnaround and brokerage firm specializing in the gym and sports industry. With more than 25 years of experience owning, operating and managing clubs of all sizes, Thomas lectures and delivers seminars, webinars and workshops across the globe on the practical skills required to successfully overcome obscurity, improve sales, build teamwork and market fitness programs and products. Visit his Web site at:\u00a0www.fmconsulting.net<\/a>\u00a0or\u00a0www.youtube.com\/gymconsultant<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

When your small business needs funding, an SBA loan may be a great alternative to more common small business loans. What is an SBA loan? Simply put, they’re small business loans that are partially backed by the Small Business Association (SBA), a government agency. Because the SBA backs the loan, at least in part, lenders can offer funding on […]<\/p>\n","protected":false},"author":9,"featured_media":11066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[1325,1030,206,1341,1293,1340,1294,208,205,1299,1135,1323],"tags":[1334,1018,216,175,1003],"class_list":["post-11065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-financing","category-fitness-center-broker","category-gym-broker-2","category-gym-business-expert","category-gym-financing","category-gym-financing-expert","category-gym-funding","category-gyms-for-sale-4","category-health-club-broker-2","category-liability-insurance","category-new-gym-start-up","category-personal-business-loan","tag-business-broker","tag-gym-broker","tag-gym-financing","tag-gyms-for-sale-2","tag-health-club-broker"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/posts\/11065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/comments?post=11065"}],"version-history":[{"count":1,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/posts\/11065\/revisions"}],"predecessor-version":[{"id":11067,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/posts\/11065\/revisions\/11067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/media\/11066"}],"wp:attachment":[{"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/media?parent=11065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/categories?post=11065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fmconsulting.net\/gymsforsale\/wp-json\/wp\/v2\/tags?post=11065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}