How long does it take to get a sba loan secured through the veterans association?
my husband and I applied for a secured sba loan and the VA offers to vets a secured loan called the patriot act loan.
we applied at the liberty mo branch commerce bank with the loan manager. it has been over 9 weeks and the banker states he’ll get with us when he hears back. rarely does he return my calls about inqury.
The VA loans take considerably longer than a conventional loan or even an FHA loan.
Don’t ever play “nice” with bankers who give you the brush off. 9 weeks is too long to wait to just “hear back”. Generally, three weeks is the maximum to find out whether you’re approved and for what amount.
Try contacting the VA loan administration directly. They’re usually a little more helpful.
How can a business owner advocate the federal government to expand the SBA Community Express Loan program?
This loan program is a “pilot” meaning that the number of loans that can be made are limited a percentage of the total SBA loans approved. My business assists small business owners and this is an excellent program to get credit to business owners but it doesn’t have a champion!
You need to contact you local Representative and your two Senators. Provide them with as much information as you can to support the extension and expansion of the program. If possible, get testimonials from small businesses that have used the program successfully as well as get other small business owners to write to their senators and rep supporting the program. The more people you can get to have their voices heard, the better your chances – remember that you are competing for scarce dollars against other program people deem worthy.
What new business is the SBA most likely to approve?
I’m looking to start a new business but will require an SBA loan to fund it. What is the top new business that the SBA approves a loan for.
One that creates the largest sustainable payroll resulting in the most jobs located in the most economically depressed areas of the country.
In your business plan, one of the most important sections the SBA looks at is job creation. They not only want to see the max number of jobs for the loan dollars, they want to see high tech jobs. The higher tech the better. Low tech won’t be turned down, but you will have to generate say a 5 to 1 ratio of low to high tech jobs. Lets say you are going open a small assembly plant. The plant is going to be robotic, so not many low paying assembler jobs. However, you do have a need for a solid staff of highly paid robotic maintenance techs. You are going to have to show how much payroll you are going to bring to the area you are building your plant in.
You need to show the SBA, your techs will infuse the local economy with their high paid salaries, especially if you have made it attractive to the SBA by locating your plant in a economically depressed area say like Detroit.
On the other hand, if your business is low tech, you are going to have to sell the SBA on a large volume of low tech jobs and an equally large payroll enriching this hypothetical depressed economy.
Either way it is about jobs and payroll and how you are going to impact the regional economy.
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