Obtaining financing for your business is an exciting time, but it can also feel intimidating if you don’t know what to expect. Whether you’re launching a start-up, acquiring an existing business, acquiring or constructing a building to operate from, or opening a franchise, there are some common steps to the SBA lending process that you should know.
Step #1: Prepare a business plan
Taking the time to assemble a business plan before beginning the lending process will serve you well. Whether you’re launching a start-up, acquiring an existing business, or opening a franchise, it’s important to have a business plan in place and an idea of how much financing you’ll need. A well-prepared business plan is a valuable document to have as it provides lenders with needed details before kick-starting the loan process.
Step #2: Meet with a Business Development Officer (BDO) to discuss your business needs and options
When you’re ready to start the process, reach out to a BDO at FNB Small Business Finance. Through a couple conversations, they can help you determine the right SBA lending program for you. Your BDO will also work with you to gather information necessary for application. Information gathered in this stage is critical in streamlining the process and warding off potential hurdles down the road.
Step #3: Complete the loan application
Work with your BDO and advisors to complete the loan package for submission to credit. Your BDO is a helpful resource as you complete the application and will review it before submission to make sure every detail is taken care of.
Step #4: Hand the process off to the underwriting team
Now that you’ve submitted a loan application along with the required documents, the loan underwriting team steps in to do their part! They may need clarification on a few things and will reach out directly to your BDO with any questions. This approval process can take a little time — typically 10 business days. You will be notified as soon as approval has been granted!
Step #5: Get ready to close
Closing on your loan means the finish line is in sight! A loan closer will be assigned to you to help coordinate any final details as well as any outstanding documents needed to close.
When you’re in need of financing, partnering with a Preferred Lender like FNB Small Business Finance will give you the needed assistance and resources to navigate the lending process easily and hassle-free. Our small business lending team is dedicated to open communication, flexible solutions, and achieving your business goals. Let’s get started today!