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Preparation, Research Can Help Speed Up Small Business Loan Approval Process

Written by Ken Gaebler
Published: 8/24/2009

To speed up the ARRA loan application process, small business owners are advised to have all their paperwork well-prepared, and to do their research about lenders.

Thanks to the credit crunch that has been inundating the news, for small business owners this can be a difficult time to get business loans.

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The process may have gotten easier thanks to the American Recovery and Reinvestment Act (ARRA), signed into law by President Barack Obama in mid-February, which allows the Small Business Administration (SBA) to provide small business loans at no extra fee, with up to a 90 percent guarantee.

To increase a small business' chances of receiving an SBA loan, the Wall Street Journal advised small business owners to prepare at least three years of tax returns and up-to-date financial statements, as well as a business plan and marketing plan, to present to lenders.

In terms of choosing a lender, research makes a difference, said the Journal. Businesses should choose a preferred SBA lender, preferably one that does a good deal of business with companies in the same industry. It also helps to apply to more than one lender at a time, as it may increase the chances of approval.

The ARRA is projected to "save and create" 3 million to 4 million jobs, 90 percent of which will be in the private sector, the government reported.

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