$500k EIDL funded in 30 days: My Experience

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by kitehigh911

I applied March 16th before noon, the day my region became declared a disaster zone for COVID.


  • Approved in 5 days, the loan officer called me the following Friday and approved me Saturday. It seems their rough formula is (Sales – Cogs)/2. We do $1.8M in gross profit, and he initially approved me for $500k. Needless to stay I was thrilled as I know we can use this money not only to survive COVID, but thrive when things turn around.
  • We applied for PPP as well and will use the EIDL money for things other than payroll.
  • Once approved I was passed to underwriting. To make things run smooth for underwriting follow these steps:
    • Have your operating agreement in order
    • Make sure you are the sole managing member or have all of your docs for your partner in a row and your partner will guarantee the loan as well.
    • This underwriting process took 14 days to pass legal, before I was pushed onto the case manager.
  • Once the case manager reached out after underwriting they send you 9 documents you need to sign.
    • My initial docs were rejected since I used a e-signature solution.
    • I overnighted my signed docs to the SBA April 8th and was funded today April 13th.
    • You will need to file a UCC with your state, cost is around $5 and follow the instructions they give you to fill out. It took 5 hours to get my filed UCC back from the state.
  • Overall I rate my experience as extremely positive, everyone I interacted with was very helpful and patient. They honestly want to help you. Given the magnitude of the crisis, I think the SBA is going a great job. Of course there will be kinks, but pretty impressive for the government to lend real dollars at dirt cheap rates to small businesses.

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