THE SBA PROCESS
The number one question asked by the borrower is how long does
it take to get an SBA loan? The answer is variable and non-specific:
Most often, the time it takes to package, submit, approve and
close an SBA loan depends on how responsive the borrower is
in the process. SBA has a set of accountabilities built into
the entire process for each of its team members that work on
an SBA loan. The team includes:
Business Development Officer:
The role of the BDO is to identify new loan opportunities,
create feasible proposals, package and submit the loan while
meeting the packaging requirement outlined above. Proposals
should be issued within the next business day upon receipt
of information outlined in the SBA process. An interview with
either the referral source or applicant is often warranted.
Once the package is complete, the BDO should be able to prepare
the submission for our underwriting team within 2 business
days.
Underwriter:
The role of the Underwriter at SBA 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 SBA Authorization.
Loan Coordinator: (this office)
The role of the Loan Coordinator is to assist in gathering
the documentation needed for the SBA to issue an Authorization
and to assist in gathering the documentation needed to close
the SBA loan after the Authorization has been issued.
Closer:
The role of the Closer is to review the documentation gathered
by the processor, prepare the closing documents and close
the loan within 5 business days from the collection of the
entire closing requirement list.
Funding:
The role of our Servicing Department is to review the documents
executed at closing and authorize funding of the loan within
2 business days from closing.
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