Last week, the
Wall Street Journal reminded small business owners that time is running out to get fee-free SBA loans.
Barring another act of Congress, SBA-backed loans will revert to their pre-Recovery Act status by the end of November or December.
November is more than two months away, but given that the SBA loan approval process can take as long as 120 days, applicants had better get cracking, says Dave Mulcahy, the director of the Small Business Development Center at Lamar University in Beaumont, Texas.
The article recommends the following 6 tips to speed up the loan approval process:
- Update your financials
- Tax a preferred lender
- Ensure the lender is the right fit
- Hedge your bets with a backup lender
- Offer more backup with your application
- Get help
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