Sba loans �" Getting Approved Quicker

The Small Business Administration is a funding lifeline for millions of small businesses in America. If you are looking for business funding in even a brutal market, the SBA should be your first stop.Though the SBA can provide a great helping hand, they can be equally frustrating with their long processing times. However, there are ways in which you can make it easier for the SBA to review and approve your business loan application a lot quicker than usual.1. Provide updated financial records - The SBA will want to see good financial statements for both the past as well as the projected future. You should prepare cash flow statements, income statement and balance sheets for at least the past three years and also include projected financial statements for the next two or three years. Also, make sure to include the tax returns of the past three years as this is definitely required by the SBA. Providing strong financial statements in your business plan is one of the best ways to speed up your loan application process. These figures are hard numbers that can be used in any evaluation.2. Apply at banks that already have a working relationship with the SBA. Some banks refrain from working with SBA backed applicants as they are not really obligated to approve an application just because it is backed by the SBA guaranty. However, some banks will have a good working relationship with the SBA and your best bet would be to apply at one of those banks that will give weight to the SBA guaranty that you have already attained.3. Do your research on a lending institution - You will have to take some time off to research the lending institution you plan on approaching. Look for those that have already granted loans to businesses that are similar to yours. It is highly unlikely that a bank will grant a business loan to a new type of business that they have not dealt with in the past.4. Apply at many banks - Just like the college application process, you will always need a fall back when it comes to business loans as well. Apart from applying at your preferred lending institution, you should apply at a few others. That way, you will still have a chance of getting approved by other banks if the one you were counting on disapproves your loan application.5. Seek assistance - You can always try to have somebody push your application along. Visit your local SBA district officer to discuss ways in which you can speed up your application process. He or she might be able to help you with a couple of crucial tips. This is particularly true if the local office is very familiar with a particular bank.Sba loan guarantees are worth their weight in gold these days. The economy may be slowly recovering, but banks are still highly risk adverse. An SBA guarantee limits their risk, making your loan request much more likely to receive approval. That is, of course, your ultimate goal.