Keyword Analysis & Research: sba

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Frequently Asked Questions

What is the SBA and what does it do?

The Small Business Administration (SBA) is a United States federal agency that helps Americans start, build, and grow small businesses. Most of the public’s knowledge of the SBA is through SBA loans. The SBA does not directly lend money, but instead they help finance loans through banks, credit unions, and other lenders.

How long does it take to get a SBA loan approved?

Beyond that, the amount of time it takes to finalize an SBA loan largely depends on the lender's timeline. Expect the process to take a minimum of 60 to 90 days. Applications for larger amounts may take longer for the lender to evaluate.

What happens if you default on a SBA loan?

If you are working with the lender on the offer in compromise, they will have to first approve the offer and then they will send the offer to the SBA for their approval or rejection. If the lender approves and the SBA rejects than the offer can not go through as both parties need to agree on the settlement terms.

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