1 Simplified Overview Of The Business Loan Approval Process

In a perfect world, you’d be able to visit a lender and obtain all the Working Capital your business needs in one quick trip. For many business owners, however, this isn’t possible. The traditional commercial loan approval process can take weeks. If you are approved, you might have to wait several more weeks for your loan funds to arrive.

If you’re not approved? You’ll have to start the process over again.

Thankfully, there are ways to speed up loan approval and funding times. Educate yourself on both the traditional business loan approval process and the options available to you to speed things up.

The Approval Process

There are many moving parts in the loan approval process.

First, you must submit your business loan application. This sounds simple enough, but many lenders have a long list of requirements. You may need to provide a detailed business plan with your application. Additionally, the application itself is usually several pages long. You may even have to visit a physical branch of your financial institution to fill out the loan application by hand.

Once your loan application is finally complete, you can hand it over to the lender. The lender will likely request certain documents related to your business finances. Most lenders like to see credit reports and cash flow projections if you haven’t already provided them in your original application.