After the closing documents requested by the lender have been gathered and prepared, the next step in the SBA 7(a) loan process is submitting the documents to the lender. This is usually done in one of two ways: either directly via email or through the lender’s secure portal.
Although this is a step in the loan process that follows the previous ones, that doesn’t mean that the requested documents must only be submitted once all of them are complete. Instead, the borrower should submit individual documents as soon as they’re ready to be submitted – this allows the lender to get a head start on their document review.
Tips for a Smooth Document Submission
Although the submission of documents is largely self-explanatory, here are a couple tips to help your Closing Document Submission go smoothly:
• Use Descriptive Filenames and Subject Lines
Name your documents in a way that describes what the document is – for example, if the document is the business’s liquor license, make the filename something like “[Business Name] Liquor License”. Similarly, if you’re submitting documents via email, use a subject line that includes your business name and the purpose of the email. If you’re only submitting one or two documents in the email, include which document(s) you’re submitting. If you’re submitting many documents, include something like “document submission” in the subject line and add a list of the included documents to the body of the email.
• Double-Check That You’ve Submitted All Requested Documents
After you’ve submitted all the documents, check the document list again to make sure there’s nothing you forgot to send.
