Loan Question

SunKissed78 · 10-20-2005, 06:59 PM

Does anyone know how typically how long it takes banks to process a small (under $100,000) SBA loan?

Neon Beach · 10-20-2005, 07:09 PM

Depends how much dirt they dig up on ya.....

toasty bunz · 10-20-2005, 07:57 PM

We did ours in about 5 weeks through the local economic development association affiliated with the SBA, if that makes sense. Not officially the SBA but share the same office and have to report to the SBA.

Probably could have done it in 3 or 4 weeks but the lady we dealt with went on vacation and a couple things fell through the cracks and slowed it down a bit.

Neon Beach · 10-20-2005, 09:36 PM

How long does it take to get your car back from the body shop? Who knows? Might depend on who is on vacation that week?

Why not ask the people you are dealing with?

toasty bunz · 10-21-2005, 05:27 AM

I also think that since our banker is also chairman of the local economic development association may have helped just a little, didn't hurt anyway.

Take the body shop time-frame, add 2 weeks for parts backorder. Then add two more weeks for insurance hassles, plus one week of phone tag. Then figure in that the guy that "takes care of that is on vacation." That adds up to about 2 months to fix that parking lot ding.

tropicgirl · 10-21-2005, 07:20 AM

Are you considering getting a loan instead of closing? Or have I confused your posts?

SunshineTans · 10-21-2005, 12:45 PM

We looked into getting a SBL but we couldn't ever get anyone to return our phone call to just talk about it or set up an appointment. We have all the info together we just need to talk to someone.

GOOD LUCK!!

tropicgirl · 10-21-2005, 12:49 PM

They told me you have to have enough collatoral to back it. They wont consider things like lotion, accessories, and even furniture sometimes collatoral because it is too "liquid". They wanted me to put my house up. No, thanks. I went a different route. Some people on here have had really good luck with it though.

Neon Beach · 10-21-2005, 01:11 PM

Different route? Can you explain?

SunshineTans · 10-21-2005, 01:13 PM

What kind of different route did you take?

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10-20-2005, 07:09 PM	#2 (permalink)
Neon Beach I'm Banned Join Date: Nov 30 2000 Location: Ontario Age: 45 Posts: 52,065 Rep Power: 0	Depends how much dirt they dig up on ya.....

10-20-2005, 07:57 PM	#3 (permalink)
toasty bunz Join Date: Jul 2 2005 Posts: 37 Rep Power: 0	We did ours in about 5 weeks through the local economic development association affiliated with the SBA, if that makes sense. Not officially the SBA but share the same office and have to report to the SBA. Probably could have done it in 3 or 4 weeks but the lady we dealt with went on vacation and a couple things fell through the cracks and slowed it down a bit.

10-20-2005, 09:36 PM	#4 (permalink)
Neon Beach I'm Banned Join Date: Nov 30 2000 Location: Ontario Age: 45 Posts: 52,065 Rep Power: 0	How long does it take to get your car back from the body shop? Who knows? Might depend on who is on vacation that week? Why not ask the people you are dealing with?

10-21-2005, 12:45 PM	#7 (permalink)
SunshineTans Join Date: Oct 10 2005 Location: Indiana Posts: 48 Rep Power: 0	We looked into getting a SBL but we couldn't ever get anyone to return our phone call to just talk about it or set up an appointment. We have all the info together we just need to talk to someone. GOOD LUCK!!

10-21-2005, 12:49 PM	#8 (permalink)
tropicgirl I love Derf!! Join Date: Jul 13 2003 Location: middle america Posts: 1,015 Rep Power: 8	They told me you have to have enough collatoral to back it. They wont consider things like lotion, accessories, and even furniture sometimes collatoral because it is too "liquid". They wanted me to put my house up. No, thanks. I went a different route. Some people on here have had really good luck with it though.

10-21-2005, 01:11 PM	#9 (permalink)
Neon Beach I'm Banned Join Date: Nov 30 2000 Location: Ontario Age: 45 Posts: 52,065 Rep Power: 0	Different route? Can you explain?

10-21-2005, 01:13 PM	#10 (permalink)
SunshineTans Join Date: Oct 10 2005 Location: Indiana Posts: 48 Rep Power: 0	What kind of different route did you take?

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