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Speak with your facilitator at 619 817-7955 for further details and to receive your pre-qualification application.
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. We can facilitate getting your loan approved.
SBA’s EIDL is still open for new applications and still has money available. While the US SBA EIDL grant/advances are no longer available, the loan portion of the program is still open.
Once you apply for an EIDL, approval timelines varies depending on volume. Typically, a decision is made within 21 days of application with disbursement of money within five business days after.
Credit Score: minimum of 570. They do NOT use FICO. Credit score is largest factor for approval for EIDL loans and no exceptions are made for lower credit scores.
When it comes to SBA disaster loan credit score requirements, there’s no hard and fast minimum credit score you’ll need for approval. However, the SBA usually wants to see a credit score of 620 or higher. If you aren’t quite at the 620 mark, you might still qualify for a disaster loan
How Long Is The EIDL Application Process?
We have a shortened form as well as a to do list to help you complete the process quickly.
The EIDL application process takes between two to three hours. As part of the application process, applicants must complete a personal financial statement listing of all personal assets and debts, and a schedule of liabilities.
How Long Will It Take For My EIDL Application To Be Approved and Funded?
After a business has submitted all relevant documents to the SBA, the waiting game begins. In a pre-COVID world, the process was remarkably fast. However, we are not in a pre-COVID world, and there is no concrete answer here. Some loans are approved quickly, while others are on a slower track; most applications are taking between two to three weeks for approval and another week to receive the funding. The SBA says applications might take up to four weeks.
What is your next step?
Speak with your facilitator at 619 817-7955 for further details and to receive your pre-qualification application.
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