What is the Turnaround Time for approval of the loan?
The borrower will be notified by Preferred whether their loan meets basic SBA 504 requirements within a few days of submission of the loan application and the associate package. Once this approval is received, the process for formal approval by the SBA begins. Once Preferred’s staff has received all the necessary items on the Application Checklist, a Loan Committee meeting is scheduled. If all is satisfactory, the Loan Committee recommends approval of the loan. When approved the application is forwarded to the SBA who will review it within 3 to 5 business days.
