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So you’ve finished applying for your small business loan and now it’s time to play the waiting game. This can be one of the most stressful periods for your business, waiting to find out whether or not you’ll be approved.
Whether you need the money for day to day expenses, payroll, safety cushion, or expansion; you’re most likely wondering when you’ll hear back about your loan.
The answer to this question depends on the type of loan that you’ve applied for. Different lenders have different requirements, processes, and overall lending power. Some may only take 24 hours to hear back on, while others may take several months to hear anything at all.
When you apply for a loan, you should have a very clear idea of what you will spend the money on. The amount of cash that you need and what you need it for will dictate which loan type is most appropriate for you to apply for.
No matter what your credit needs, there’s a viable solution to your financial problems. If a small business loan doesn’t seem right for you, perhaps you should consider the benefits of investors or grants. You might have to do a bit of research to find the right solution, but all of your hard work will pay off in the form of a thriving and successful business!Tags: funding, loan, small business