They say timing is everything, and nowhere is that phrase truer than in the world of small business — especially when it comes to business financing. If you’re relying on some type of funding to get your business off the ground, your opening date is completely dependent on when you’re able to secure start-up capital. So before you commit to a deadline, make sure your expectations are realistic by understanding the small business financing timeline:
Leveraging existing assets, such as the value of your investment portfolio or retirement funds, can be the fastest approach to financing, taking as little as two – three weeks to close. However, the amount of financing you’ll receive is dependent on how much you invested in the first place.
If you need a larger sum to get going, SBA loans under the 7(a) program can offer up to $5 million, but they come with longer wait times. Because of the comprehensive application and approval process, traditional SBA 7(a) loans can take 80 – 120 days to close and working capital loans, which offer $150,000 or less, can take 40 – 60 days.
Ready to see which financing method(s) would work for you? Take a minute to pre-qualify online today. By reviewing your choices early and understanding the time it takes to get funded, you’ll be able to meet your target opening date with open arms — and open doors.
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