SBA Insider

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by sbaleaky

Here’s what I can say about the Small Business Administrations EIDL process:


  • 4.9M apps so far, thousands added into the Rapid SBA portal every second for processing
  • Min credit score is 570 (will be auto declined, if not, a LO will decline)
  • Max loan is $500k – no if ands or buts. 500k.
  • Collateral & insurance required for loans over $25k. See image.
  • All biz’s including sole prop must be a viable entity (see image)
  • Stages: Initial Call Needed (credit not ran), Credit Pulled, Quoted (sent you can offer), Offer Accepted, Submitted Deal (waiting to be assigned to a LO), Declined, Duplicate, Approved, Obligating (TL looking over the LO’s work), Obligated, Funding, Funded.
  • Theoretical flow: brought into rapid, credit check, quoted, you accept, LO reviews and approves, TL rechecks and sends to funding for signing and disbursement.
  • There’s a bug thats keeping thousands of apps in the initial call needed / credit pulled stage. They’re working to get this fixed and more people reviewed.
  • Approved: Misdemeanor over 10yrs Declined: ANY Felonies or misdemeanor less than 10yrs (see image)
  • Any delinquent child support >60days – DECLINED (see image)
  • LO has no authority of the advance at all. That’s automated.
  • I’m getting loan assignments in the 800k range to low 100k’s. I cannot give a reasonable explanation as to why that is.
  • Our directive is simple, approve as many loans as possible within policy.
  • I can answer questions, however, I cannot look up your app. Well, I can, I just won’t. If you want a update, call the “tier 2” number in the sub and they should be able to give you a better idea of the stage.


Disclaimer: This is a guest post


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