Unlocking SBA Loans: A Guide for Small Business Financing at Union Bank

Navigating the Loan Landscape: A Guide to Small Business Financing at Union Bank

Working capital is essential for the survival and growth of any business. It's often a challenge for small business owners and entrepreneurs to secure conventional financing, which is where Small Business Administration SBA loans come in handy. Contrary to popular belief, SBA loans are not just med at startups or businesses that have been denied traditional loans; they offer several advantages like flexible ling terms. delves into understanding the intricacies of SBA loans and how small business owners can secure one.

Key Requirements for Small Business Loans

SBA's Standard Operating Procedure SOP outlines core requirements that must be met from application submission to loan closure. These include but are not limited to:

1. Filling out the Application Thoroughly: Any errors or missing information could lead to delays in processing.

2. Application Processing: Our team will communicate with you for additional information or documentation as needed.

3. Underwriting: Verification of your business and personal financial detls such as income, assets, debts, etc., takes place at this stage.

4. Closing Disbursement: Once the loan closes, funds are released for your business expansion and growth needs.

Timeline for Small Business Loan Applications

The timeline varies based on the type of SBA loan applied for and the complexity involved in evaluating your business and supporting documentation. On average, it takes about 45 to 75 days from application submission to closing and disbursement. Your preparedness will significantly affect this process's speed.

Steps Involved in the Small Business Loan Process

Union Bank offers a clear guide on how to proceed with an SBA loan:

1. Complete the Application: Fill out your SBA loan application completely and accurately.

2. Process Begins: We'll reach out if more information or documents are needed during processing.

3. Underwriting: Detls about your business, personal finances, and other relevant data will be verified at this stage.

4. Closing Disbursement: After approval, the funds are distributed.

Resources for Vermont and New Hampshire Business Owners

Union Bank is proud to offer various financial products tlored for small businesses along with a network of resources designed to d entrepreneurs in Vermont and New Hampshire:

• USDA Rural Development Programs

• Vermont Economic Development Authority VEDA

• Granite State Economic Development Corporation

• Grafton County Economic Development Council

• Small Business Administration SBA

Apply Today at Union Bank!

Don't miss the opportunity to grow your small business with SBA loans from Union Bank. Our dedicated team is ready to provide personalized assistance and support your financial goals. To learn more about our SBA loan options, contact our Commercial Ling Team or explore additional resources for women-owned businesses in New Hampshire.

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