This is a common question that many business owners never ask until it is too late. Business owners expect that they can walk into the bank complete the application, and walk out with cash tomorrow. From my experience banks don’t move that quickly, especially if you need them to. As a lender myself I hate when applicants fill out an app today and say they need the funds in the next week or 2. It comes off as bad planning on your part. It makes you look unreliable and probably not fit to run a business, so many bankers will just ignore it, you probably are not the type of client they want to work with anyway.
So realistically how long does it take to get a loan for your business?
Realistically, you should plan on a month or two if you are a small business.
How can you expedite the process of securing a business loan?
You simply need to come prepared if you want to speed of the process. Here is a list of what you will likely need:
- 2 years personal tax returns
- 2 years financial statements for the business
- 2 years business tax returns
- Personal financial statement
- Customer list
- Bank statements
- Financial projections
- Executive summary of your business
- Specific loan request
If you are prepared with these documents, you should be able to impress your lender, and hopefully speed up the process.