Once the lender sends the list of documents needed for closing, next in the SBA 7(a) loan process is gathering and preparing those documents. These documents give the lender assurance that the business will be fully operational, licensed, and insured, as well as that the loan is eligible for an SBA guarantee.
Considering that the documents in the closing request are necessary for the loan to be completed, as well as submitted for an SBA guarantee, attention to detail is key. It’s important to make sure that every document is complete and all information is accurate and up-to-date.
The closing document load can be substantial, and is often larger than the initial document load. As such, this step is one of the longest in the loan process [See: How Long Does the SBA 7(a) Loan Process Take?]. Responsiveness to the lender and speed in document gathering and preparation are vital to ensuring this step is quick and successful.
Note: A list of commonly requested documents can be found on the page for Step 12: Closing Document Request.
Tips for Document Gathering and Preparation
Here are some tips to help your document gathering and preparation go as smoothly and speedily as possible:
• Prepare Documents in Advance
Many commonly requested documents, such as licenses, insurance, and up-to-date financial statements, can be obtained and/or prepared in advance. This is recommended, as it can save a lot of time.
Note: A list of commonly requested documents can be found on the page for Step 12: Closing Document Request.
• Be a Good Partner to the Lender
You’ll be working closely with the lender on this step, so it’s important to be responsive, collaborative, and polite. You may be tired of the loan process, but stay level-headed and keep going, you’re almost there!
• Ensure Completeness and Accuracy
The loan can’t be completed without these documents, so attention to detail is important. Make sure every document is complete and all information is accurate and up-to-date.
