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The SBA loan process
Here is an overview of the basic steps in obtaining an SBA loan from the Indymae network of bank and non-bank lenders.
SBA loan approval guidelines
Contrary to common belief, the Small Business Administration (SBA) doesn't directly extend loans to small businesses. Instead, it guarantees up to 90% of these loans provided by lending banks, reducing the bank's risk in offering affordable capital.
Consequently, the SBA mandates that small businesses submit a comprehensive application package demonstrating their repayment capability.
The SBA outlines an 11-item checklist of required documentation for packaging an SBA loan application, covering personal and business financials, ownership details, business licenses, and more. Individual lenders may add their specific requirements in addition to SBA standards.
Indymae is a leading online lending network for SBA loans, leveraging intelligent technology to simplify the application process. It matches eligible small businesses with the preferred SBA lending bank poised to approve their specific application.
Being well-prepared is key to securing an SBA-guaranteed loan. The Indymae intelligent automation streamlines the process by requesting only relevant documents based on your application, allowing a pre-qualification in just five minutes. This ensures you know your candidacy for an SBA loan from an Indymae network bank before submitting most paperwork, saving time and avoiding unnecessary document gathering.
Indymae process
Indymae assists in organizing your SBA loan application before submitting it to one of our preferred SBA banks for assessment and funding. Approximately 90% of loans referred to our bank network are successfully funded.
Your dedicated Relationship Manager is available throughout the application process, providing guidance as you upload required documents and offering continuous feedback.
Once the bank approves your application, funds can be deposited into your bank account in as little as seven days.
The conventional SBA loan application process often requires months of effort and may result in a rejection. Instead, we significantly streamline the application process, reducing time and complexity while increasing the likelihood of securing a positive response.
Explore more about small business loans and submit your application today.
Learn more about SBA loans
Start Here and learn more about SBA loans and how they will help your small business
Discover the types of businesses that may qualify for an SBA loan from banks in the Indymae network.
Explore the present interest rates, their mechanisms, and additional fees and expenses linked to SBA loans.