How long does the Loan Application Process Take?
You can find payday lenders on line that can provide funding in 24 or 48 hours. Thos loans may be “quick” but they are expensive. Beware!
There is an on line lender United Midwest Savings Bank.
UMWSB has an streamlined on line process for both start ups and existing businesses. The biggest hurdle for most borrowers in the credit score requirement.
They can provide a pre-approval within 24 hours and then it is up to the client to provide the balance of the information.
If the company keeps current financial records and can prepare a realistic cash flow projections, a loan can be closed in less than 10 days. They funds under the SBA 7A program for loans from $20,000 to $150,000.
In the State of Florida Neighborhood Lending Partners makes loans for start- up companies at a slightly higher rate than conventional lenders, but they will consider borrowers with credit scores that would not be acceptable to banks. T
hey will consider loans up to $500,000. The process is slower than on line lending, but it is an excellent alternative resources.
And, Accion USA also is processing loans for start up.
All these lenders are underwriting loans with SBA guarantees.
About the author
Marjorie Weber has been educating entrepreneurs and guiding them in their search for capital for the past 16 years: combining business training programs with one-on-one mentoring. Marj is currently a financial advisor for Florida SBDC at FIU. She was Chair of SCORE Miami Dade from 2010 to 2014. She also serves as an advisor to the Goldman Sachs 10,000 Small Business Program and the SBA Emerging Leaders Program and provides training for Veterans seeking an entrepreneurial path upon retirement from the service. She has facilitated workshops under the auspices of Miami Bayside Foundation, Little Haiti Cultural Center and .local banks. She commenced her career as a real estate investment banker in New York and Miami..She uses these long term relationships to assist her clients in accessing capital. She knows both the process and the people and has assisted in providing financing for hundreds of businesses in Miami Dade.