We at Vetted Biz are aware that for many aspiring small business owners, the process of applying for and receiving an SBA loan can be challenging. To help you better understand this frequently complex process, we’ve developed this SBA Loan Process 101. The fundamentals of checking the status of your loan are covered below. Knowing what your status entails and typical worries after loan approval
How to check account status for existing SBA loan borrowers. Existing borrowers can use SBA Capital Access Financial System (CAFS) (caweb.sba.gov) to monitor the status of the following loan types:
(PPP) All SBA disaster loans including COVID-19 EIDL and physical loss loans.
How can I check my SBA loan status?
The easiest way to check your SBA loan status is to login into the SBA portal using your login information. Once there you can easily check the status of your loan. Whether it was approved, denied, or is still pending. If you are struggling with your login, there is the option to reset your password in the portal as well. Additionally, the SBA’s customer service can be reached at 1 (800) 827-5722 or [email protected], and they can help you with checking the status of your application.
What are the different SBA Loan Statuses?
Your SBA loan may be in any one of the following statuses:
Should I be worried about my loan marked as exempt from disclosure?
It’s not a bad thing if your loan is marked as exempt from creditors and other third parties. And according to a Vetted Biz study, 26% of approved 7(a)s had this designation. In actuality, the Freedom of Information Act is what led to loans being marked as exempt. It is intended to shield your company from suffering a competitive disadvantage as a result of disclosing your loan status. Most loans with a disclosure exemption are currently active and in good standing. But some businesses are currently in-litigation or filing for bankruptcy. Visit Vetted Biz’s in-depth investigation on the exempt status to discover more information.
How can I refinance my SBA Loan?
Your SBA loan can be refinanced after it has been approved. But it’s crucial to remember that this is only feasible in certain situations. According to the SBA, a borrower will only be considered for refinancing an existing SBA loan if “the borrower has new financing needs that the existing lender has declined or the existing lender has refused to modify the terms of the existing SBA loan to accommodate the new loan.” However, it’s critical to comprehend what this phrase means practically. You must first get in touch with your current SBA lender as a borrower of an SBA loan. To request more money, a higher interest rate, or different payment terms You could only try refinancing with another bank that offers SBA loans if this doesn’t work.
Due to these strict requirements for refinancing with the SBA. When applying for your SBA loan, our team at Vetted Biz believes it is crucial that you choose the right lender to meet your financing needs. Using data on loan terms and past performance, we have created a list of the top 25 SBA lenders. Make sure to review each lender’s profile to determine which one is best for your company. Last but not least, it is crucial to remember that business owners who initially chose not to utilize the SBA’s loan programs may later do so through refinancing If the original loan would have qualified for SBA financing, non-SBA loans may be refinanced through the 7(a) loan program of the SBA.
What happens if I cannot pay back my SBA loan?
In the event that you are unable to repay your SBA loan, the lender will start the procedure specified in the loan agreement for money collection. The loss of any personal assets you pledged as collateral for the loan could result from this. And the process is similar to standard loan default procedures.
How will I know if my SBA loan is approved?
The SBA will email you the loan details if your loan is approved. If you haven’t received an email and want to find out the status of your application, get in touch with the SBA directly. You might also be able to check the status of your application online or by getting in touch with your loan officer, depending on your lender.
Can I check my SBA loan with my application number?
You can also access the SBA Assistant. Additionally, you’ll need to enter the username and password you used to apply for the loan. You can view details about your application through these portals, including the application number, the present status, and the date on which the status was last updated.
How do I find my SBA loan information?
Borrowers of COVID-19 EIDL without a CAFS account, locate your loan number on a statement or letter from the SBA. It is NOT the same as your application number. Please call the SBA COVID-19 EIDL Customer Service Center at 833-853-5638 if you don’t have a letter or statement.
How long does it take for a SBA loan to go through?
For its express loans, the SBA promises a turnaround time of 36 hours. But that does not account for the time needed for the lender to approve the loan, which may add a few more weeks to the process. So, after everything is said and done, you can expect the SBA loan processing time to take 30 to 60 days rather than 60 to 90 days.