Quick Business Loan

I would venture to say that a “quick business loan” doesn’t exist. When business owners decide they want a loan, they almost always want it yesterday. The quickness of a business loan is really relative to the borrowers expectations and the reality of the loan application process. A banker would tell you that a loan that closes in 30 days was pretty quick. A borrower would tell you the loan couldn’t have closed quick enough.

The process for getting a business loan takes several weeks in most cases. Hard money and private sources for loans claim to move at a much faster rates; however, if your deal doesn’t hit the sweet spot for the lender you better plan on a few weeks for funding through those channels as well. I’d suggest planning on 30 days minimum through any commercial funding source.

The best way for a borrower to obtain a quick business loan would be to have everything prepared for the banker. When additional things are requested, don’t delay in providing these things to the lender. The more responsive a borrower is, the quicker a banker can complete their loan presentation. This is the best way to speed up the process of getting a loan.

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