We Assist Clients in Securing SBA Loans
Small Business Administration (SBA) loans are utilized in order to start or expand businesses. If you are in need of this type of financing our financial experts are standing by to provide you with the guidance needed in securing an SBA loan with an approved SBA lender
When you choose to apply for this type of loan First Financial will be there to walk you through the SBA process step by step. Our goal is to help prospective franchisees and start-up business owners with accessing the financing needed in order to achieve their goals.
SBA Loan Facts and Information
SBA loans are administered by U.S. Small Business Administration approved lenders. In order to qualify the SBA loan applicant will need to follow government-mandated guidelines which is why you’ll greatly benefit from a company like First Financial who really cares about your customer service experience and assists you with acquiring the funds needed to start or grow your Business. First Financial facilitates the packaging of your loan and submits it to an approved SBA lender.
How Long Does it Take?
Quick Small Business Loans
Typically for any loan over $150K the process can take longer than the SBA Express Loans which are up to $150K and can be done in as little as 30 days from Application to Funding. However it mainly depends on how quickly the client is able to gather the necessary documentation requested by the SBA Lender. If you choose to work with First Financial we make it our mission to advance you from Application to Funding as quickly as possible regardless of the loan size, through an approved SBA lender.
How Much Can I Borrow?
SBA Loans may not exceed $5MM and you can borrower as little as $25K
Startup Business Loans with No Collateral
We recommend to startup businesses who want to borrow money without collateral to apply for the SBA Express Loan program. You can borrow up to 150K in about 30 days with no collateral. Click the link to learn more about the program requirements.
What Documentation Must Be Submitted?
When applying for an SBA loan you will begin the process by compiling several SBA documents which is needed to submit to the SBA Lender for review and approval. Once you have Lender approval a letter will be issued subject to an attached checklist of items needed to move your file to underwriting then on to closing. Once the file reaches the closing department you be will assigned a Closer who will review the file and send you a final closing checklist of items needed. When all the documentation has been received and reviewed in accordance with SBA Guidelines the Closer will schedule a closing and funding date.
Please note that SBA Lenders can add overlays and implement some of their own guidelines in conjunction with SBA Guidelines.
With many different forms to submit we found the best way to get things done properly and quickly is to let First Financial help you through the packaging process. We will review your SBA Loan package to ensure that you are in compliance according to SBA and Lender Guidelines which accelrates closing to funding timeframe.
Please connect with First Financial today in order to get your Business started and/or the Working Capital needed to grow your existing Business. It’s what we do and we do it well so let First Financial be the one to facilitate packaging your loan and get you started on the road to Success.
Learn about Small Business Lending
- DREAM LOAN
- New Business Checklist
- Credit Guidelines
- Established Business Checklist
- Generic SBA Loan Checklist
- Checklist When Acquiring Real Estate
- Restricted Businesses
Ask the Experts today
Understanding the SBA Process
The number one question asked by the client is how long does the SBA loan take? The answer is variable and non-specific: Most often the time it takes to package, submit, approve, close and fund an SBA loan depends on how responsive the client will be in gathering the necessary documentation. The SBA Lender and SBA have a set of accountabilities built into the entire process for each of its team members who assist with SBA loans and those team members include the following:
Business Development Officer:
The role of the BDO is to identify new loan opportunities, create feasible proposals, package and submit the loan to the SBA lender while meeting the packaging requirements outlined above. Proposals will be issued upon receipt of information received as outlined in the SBA loan process usually the next business day unless additional information is needed. An interview with either the referral source or applicant is often warranted to ensure the client fully understands the process.
Once the package is complete the BDO should be able to prepare the loan for submission to the selected SBA Lender who will forward the loan package to their underwriting team and have a commitment letter within a reasonable timeframe.
Underwriter for SBA Loans:
The role of the Underwriter at the Bank is to analyze the loan request, interview the applicant, and obtain SBA approval within 5 to 7 business days. They continue to manage the loan package from point of submission until receipt of an Bank/SBA Authorization.
Loan Coordinator: (First Financial)
The role of the Loan Coordinator is to assist the client in gathering all SBA required documentation who will then forward to the SBA Lender so they can proceed with the Approval process. Once the client has Lender approval a letter with an attached checklist of SBA documents will be required to move the file to the next step in the process. At this point the Loan Coordination will work closely with the client and help expedite the process right through to closing and lastly funding.
The role of the SBA Lender’s Closer is to review the documentation submitted by the Loan Coordinator as well as the client and prepare the closing documents. Once the Closer receives the file from the Underwriter they should be able to close the loan within 5 business days.
The role of the Lender’s Servicing Department is to review the documents executed at closing and authorize funding of the loan within two (2) business days from receipt of reviewing the closing documents.