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How long does a bank loan take to get approval?

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Answers (2)
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Stearns Bank
Business Development
MN

Don is correct. Normally our bank shoots for 2-3 weeks once we have everything we need as a SBA preferred National lender. Being the preferred lender speeds it up a little bit by not needing to run it by SBA for approval, but if your trying to estimate it I would put it at 4 weeks for a SBA loan thru a bank.

Dec 28, 2011
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The BAF Group LLC
MD

For what? Banks do not normally lend for businesses, directly. They process the loans in concert with the SBA, If you know what you are doing and everyone works together, if the business has a good track record and the Buyer has good credit, it can take 30 to 45 days. That is from the time EVERYTHING that is needed by the SBA is provided completely and accurately, and the application is accurately submitted. If people - Buyers and Sellers - do not work well together, it can take much longer.

Dec 27, 2011

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