How Long Does it Take to Get an SBA Microloan? -An SBA microloan is a small loan of up to $50,000 that is provided by the U.S. Small Business Administration (SBA) through intermediary lenders.
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The SBA microloan program is designed to help startups, women-owned businesses, and low-income communities grow their businesses.
The time it takes to get an SBA microloan depends on several factors, such as the intermediary lender, the loan amount, the borrower’s creditworthiness, and the availability of funds. According to the SBA, the average time to process a microloan application is about 120 days. However, some intermediaries may be able to approve and disburse microloans faster than others, depending on their own lending and credit requirements.
To apply for an SBA microloan, you need to contact an SBA-approved intermediary lender in your area and submit the required documents, such as a business plan, financial statements, tax returns, and personal guarantee. You can find a list of authorized intermediary lenders participating in the SBA microloan program here. You can also use the SBA’s [Lender Match] tool to connect with potential lenders online.
I hope this information helps you understand how to get an SBA microloan. ... 😊