Received call from SBA Loan Officer (EIDL) Called and asked me to verify the name of my account (again). The advance ($1k) would be great. They asked if I'd checked the box when I applied and left a note about it (said that there was a possibility if they re-requested the advance/grant that it'd send me to the back of the line?). [–]eiruldJ 0 points1 point2 points 8 months ago (4 children). Even though, I know lots of you still in waiting mode in frustration, my experience has been also up and down but trying to stay positive (lots of praying!). Anyway, the good news is that they told me I was approved for my loan and I'd be sent the closing documents shortly. Once they entered my business name they stated that it was able to authenticate. 4/18/20: KeyBank updated our PPP application status to SBA Approved/Preparing Loan Documents and waiting on funds for PP. 36xxx, 33xx and all others like it simply mean which area was assigned (I assume that means office). Then few minute later they gave me a breakdown of what we qualified for. Received our fully executed DocuSign almost immediately (automated) after submitting my copy. Application number 20001xxxxx, 4/1/20: reapplies after CARES act using streamline with $10k Advance option. The invite to portal is emailed before any credit check and even before any loan officer looks at the application. Good luck, [–]SinceEightyEight 0 points1 point2 points 8 months ago (0 children), [–]amarnro 0 points1 point2 points 8 months ago (0 children). Do you mean that the loan officer asked if you wanted more? 396 Sba Loan Officer jobs available on Indeed.com. Loan applicants who have questions about SBA’s Economic Injury Disaster Loan program may call the Disaster Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or send an email to disastercustomerservice@sba.gov. Hopefully I’ll hear back soon. They quit or were fired. You need to request full processing for higher than 500k, [–]todo306 0 points1 point2 points 8 months ago (0 children), [–]ap8787 0 points1 point2 points 8 months ago (3 children). In the process of downloading and uploading. I received a phone call from the SBA about an hour ago regarding my application for the EIDL, followed up with an email. These 2 programs provided a total of $30 billion to American small businesses. No celebration until I see money in my account tho. Similar situation - applied 3/29, app 3300011xxx, credit pulled on 4/12, generic sba email 4/13, no advance or portal link as of 4/20. New sba loan officer careers are added daily on SimplyHired.com. Conversation took 5 minutes and the LO was extremely nice and polite. What is your business, why did you start it and where in the world are you? I called; I had asked previously for the link and they told me they couldn't do that since it was 'still processing'. When everyone started getting their denial letters and/or calling in and being told they were denied, I figured I'd call and just know if I was denied or not. Needed our article of incorporation and my identification. Good luck to all and be patient. Either way, congrats OP. Small business owners often get calls, emails or letters from entities with motives that are far from altruistic. I answered yes. I already started plan to fold my business the last few days. Must be overwhelming. Wanted to give insight in case some of you hadn't received your grant/advance yet. He did not anticipate any issue since I was already approved for the 15K loan. Once you got to a point to be in contact with the loan officers, they are courteous, professional and on top of their games for sure . If anything is off they’ll delay the whole process. I guess I got tossed in that pile too. There was an boy $80 in the checking account. Location Specific Small Business Subreddit. u/Cue378 For example, an online lender that specializes in SBA loans may cap its APR around 10%, while major online small-business lenders that don't offer SBA loans have loans with APRs as high as 99%. Loan officers, who typically fielded no more than five calls a day, now juggle 50, she said. 4/17/20: received $15,000 in my bank account for EIDL under 330001 application. I ask because I inputted my labor as my COGS for a service business so my offer was 5x lower than it should have been. 3. They asked if I wanted more. …Effectively communicates with loan officer… the function of the SBA reporting structure and its required deadlines, being capable to accurately prepare the monthly 1502, submit required reports and monitor any nuances of past due and paid off SBA loans… 4/22/20: SBA loan officer contacted me an hour ago via email saying my file was flagged and were approved for less than our eligibility. SBA contacted me today by phone and requested that I email all my receipts within 30 days. Can anyone speak to how military business/contracts work? Update: 6/11 received funds after 6/10 approval . Have A Loan Officer Contact Me. you'll get an email. I got mine through the portal and downloaded and uploaded. How can I contact the SBA? I got a call from the loan officer today ( I actually missed his original call, but then called back. So glad to hear you got your funds and made it to the other side. Do you have SBA legal department's phone number? Anything i should do to at least get an email or a call from the LO? Loan officer called me after I mentioned that Nancy Pelosi would reach out to the Sba. We did everything we could to get in line as quickly as possible. Exceptions Determining if you can pay extra on your loan. Am in the same situation (accepted before realizing I was qualified for more). That was the first communication I ever had with a LO. Appears as lots of people in same boat with no progress. At one point, the loan officer still working at the SBA said, the agency told employees to reject any application sent from the same WiFi network as a previous application. Since March, the SBA has handled nearly 7 million phone calls with disaster aid applicants, approving more than $134 billion in Economic Injury Disaster Loan (EIDL) funds. The UCC process is a bit cumbersome here in CA, since the online submission does not allow the exact format SBA legal wants, especially the "Sent acknowledgment to" address and CA online submission does not allow the filer content to be blank as requested by SBA. This is an acceptable excuse. Please understand this will … [–]is300wrx[S] 0 points1 point2 points 8 months ago (5 children). Whats wierd is I've seen quite a few people that within a couple of days accepting there offer they have the closing docs. 295 sba loan officer jobs available. What does 6 months of gross margins mean please? I spoke to the branch manager over the phone and he says funds could take “couple of business days”, 4/27/20: Waiting on our EIDL loan approval from legal. Called and asked me to verify the name of my account (again). UCC will be filed (by me-directions will be sent by legal). Said it could take 7 days for funds to hit our account. [–]mmalone120 0 points1 point2 points 8 months ago (4 children). Apply to Loan Officer, Processing Assistant, Collection Agent and more! Does sba loan officers contact you before loan approval contract for all loans? We filed short form 31st March around 11 AM - App # 330058XXXX. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread. On 3/30, around the morning, it was already 12x,xxx. 3/29 here and at ~10:30PM Eastern, app numbers were around 14,xxx. u/is300wrx thank you for posting. I filled UCC with my state. There are over 295 sba loan officer … Once they verified my information they told me to pull up my e-mail since they were going to send my portal link. The SBA is committed to building a high-performing, 21st century workforce. [–]hanreder 1 point2 points3 points 8 months ago (1 child). SBA FORM 160 (7-05) Previous editions obsolete OMB Control No: 3245-0201 SBA Application / Loan No _____ U.S. Small Business Administration RESOLUTION OF BOARD OF DIRECTORS OF (1) RESOLVED, that the officers of _____ (hereinafter referred to as “Organization”) named below, or If you would like for us to contact you regarding a loan application, please complete as much of the information below as possible. r/smallbusiness is a question and answer subreddit. My personal name was listed and they said it wouldn't authenticate the bank information. Thank you for info. And, did you get the portal link emailed to you or did you have to call and request it? These are the banks that have made the most SBA loans in Texas. I'm 3300286xxx, [–]is300wrx[S] 0 points1 point2 points 8 months ago (1 child). More hope for those in the same boat! SBA loan officer just emailed me saying we are eligible for for 6 months of gross margins or $500k max (self.smallbusiness), 3/18/20: applied for EIDL long form. Fingers crossed, hope the money is still there when it comes to our turn. I accepted my amount and verified my identity on 4/15 @ 12pm and called a few times and talked to tier 2 reps but they keep saying I'm close. Good thing I called the magic number and figured out what was going on! Loan amount was 1/2 of my gross revenue for last year, rounded up to the nearest hundred. I received the closing email from the case manager yesterday 5/1. These offices offer counseling and financial help to those who are rebuilding their homes and businesses. Fortunately I did not run into any issues with UCC and I triple checked to make sure it was filed identically to what the SBA required. Also told me “unable to verify bank account” and that my app was in review. He also said application numbers have no bearing on place in line. The rep was like, sorry, you're decliend. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Press question mark to learn the rest of the keyboard shortcuts. Did you reach out to the SBA and give your request a tier 2 rep to put notes in your account? Double check your ucc filling. [–]Silvex020 0 points1 point2 points 8 months ago (0 children). 4/11/20: received $9,000 Advance in my checking account ($1,000 x 9 employees). Time is of essence.". I also asked if the funds are guaranteed to be available for me. Call the SBA Loan Servicing Office listed on your 1201 notice. Your post gave me hope! [–]is300wrx[S] 3 points4 points5 points 8 months ago (0 children). [–]is300wrx[S] 1 point2 points3 points 8 months ago (2 children). Called Tier 2 Yesterday to find out 500K approved (portal set up), Requested Tier 2 this morning to send a e mail to LO that we hope to receive more, [–]mmalone120 1 point2 points3 points 8 months ago (6 children). Although I have nothing to worry about, it’s just a can of worms that no one needs it open. 4/28/20: Legal contacted me via email. [–]SinceEightyEight 0 points1 point2 points 8 months ago (4 children). [–]todo306 0 points1 point2 points 8 months ago (9 children), "Asked if I wanted them to prices my file for additional funding. [–]is300wrx[S] 0 points1 point2 points 8 months ago (6 children). He reviewed our loan figures and told me he has to review it and send it off to legal. Practically all content, small business-related or not. Time is of essence. Evaluating a business whose revenue is 99% of it. What email address did it come from? Application number 330001xxxx. For example, in 2017 the SBA helped connect entrepreneurs with 68,000 loans through the 7(a) and 504 loan programs alone. Hoping to hear something soon. After a slow start, the SBA accelerated its decision-making and has now approved 2.2 million loans … Apply to Loan Officer, Business Development Officer, Processing Assistant and more! 330001xxxx range seems like a 3/29 app date, or maybe very early 3/30. The caller id showed “unknown” and normally I would send it to voicemail, but had a weird feeling and picked up. No offense to the government but at this point I won’t believe anything until I see the deposit. Hope this helps. GRANT 10K was received this Monday the 20th. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan Can you share your application ID# to help others track where they may be in the process? I’m thinking all apps with a “unable to verify bank account” get placed in a queue to be reviewed by a human, and that queue is way backed up. use the following search parameters to narrow your results: Questions and answers about starting, owning, and growing a small business. ThiIs is encouraging news. If, however, you are unable to provide portions of the required information online, you may use one of the following methods to deliver documents to the SBA. Apply to Loan Specialist, Document Specialist, Service Technician and more! Time to start putting back focus on the future of the business. 2. Of course, I said yes. [–]is300wrx[S] 0 points1 point2 points 7 months ago (0 children). Source: U.S. Small Business Administration (SBA) from October 1, 2008 to September 30, 2018. Still waiting for a response.. Next day, portal updated to DECLINE. That is super good news. I am in identical situation. So lucky he picked up the phone). On 4/1! Hope this helps. Was just nice to hear from an actual person that my loan was approved. That seems off. Update: spoke to my loan officer over the phone. There are generally 5 reasons why a loan officer stops answering calls and emails: 1. See salaries, compare reviews, easily apply, and get hired. 636(b)(2)) in response to Covid-19 during the covered period, the Administrator shall waive— 4/22/20: SBA loan officer contacted me an hour ago via email saying my file was flagged and were approved for less than our eligibility. 3/29 Applied shortform (within first 30 min of it opening), 4/20 Loan Officer called to verify bank information and tell me I had been approved. They called me, it was from a Texas number. I will post my case if something comes up too! Also, the email from SBA is my first human contact regarding all these applications. MY LO said I was approved for more than the 15K and sent off to legal on 4/25. I had the files open when I posted this. © 2020 reddit inc. All rights reserved. No documents, [–]todo306 0 points1 point2 points 8 months ago (1 child). [–]todo306 0 points1 point2 points 8 months ago (5 children). Waiting for the elusive portal email here. You are impossible to work with. This gentleman told me I was assigned a loan officer, which means things start moving faster. 5/5 - Final confirmation from case manager, before she ordered fund disbursement. I was sent the grant to my personal account and when they sent me the portal, I quickly changed it to my business account. He stated SBA is working on cases which fell into the 15K "window" right now. My 4/22 Call with SBA Called SBA this morning bright and early. I am in the same situation - offered 500K but expected much more as we have the COGS and Gross Revenue to support. Thanks, but damn that just makes my head hurt. Congrats and I’m happy you got the call from LO! A good thing to keep in mind is that, "If something sounds too good to be true, it probably is too good to be true." Not sure why a big bank would take the time to freeze $80 and contact the SBA. Allright and I know you would not like to give any responses in public as to amount but was the amount in line with the Gross Revenue and COGS calculation? This took me 5 minutes to complete. Get an ad-free experience with special benefits, and directly support Reddit. You’re almost done and should have funds in a few days. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. As a sole prop I just use a personal account which does not have my business name on it. The low-stress way to find your next sba loan officer job opportunity is on SimplyHired. Loan officers get paid in a way that they call "on the front" and/or "on the back." Thanks, did the email from the LO come from the generic disastercustomerservice@sba.gov address? “With respect to a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. If they’ll run out before my application is approved...he couldn’t say because he didn’t know. We appreciate your interest in the SBA. That was the hold up apparently. A new loan will be created. Very nice, knowledgeable and professional gentleman. Otherwise, I would’ve played a long game of phone tag. It’s an institution. Tier 2 rep put notes in my account and said a LO would reach out but hadn’t heard of anyone actually having contact with a LO. This work was authorized under a new order valued at up to approximately $1 2 5 million total for the base and all option periods. Huntington is the #1 SBA 7(a) lender in the region made up of Illinois, Indiana, Kentucky, Ohio, Michigan, West Virginia, Western Pennsylvania and Wisconsin. The loan would be better. I live in Nancy pelosi’s district in San Francisco . [–]eiruldJ 0 points1 point2 points 8 months ago (2 children). 4/18/20: KeyBank updated our PPP application status to SBA Approved/Preparing Loan Documents and waiting on funds for PP. Question Hi, so filled out loan app 6/15 then 6/17 credit pull, 6/19 loan officer asst emailed me asking for my tax returns or any document showing I was in business before jan 31st 2020, … Thanks to Nancy Pelosi I was funded within 20 hours , from moment I emailed Loan officer that she would be contacted by Nancy pelosy’s office . My personal name was listed and they said it wouldn't authenticate the bank information. What state are you in? 1 SBA loans subject to SBA eligibility. I called in, tier 2, said I was declined and they solved the identity problem. He said it takes 10-15 days (I asked if that was calendar days or business day-couldn’t comment) for legal to review and approve, and then loan documents would be signed off by me. The SBA doesn't offer grants to small business owners. Just keep your hopes up. 174 Sba Loan Specialist jobs available on Indeed.com. I haven't received an advance, and they told me that there was no mention in their system of an advance under my name. In this case someone else should have contacted you. Asked if we wanted to proceed. Check on 4/12 person that my app was in review information they me. To them the keyboard shortcuts process my file will be filed ( by me-directions be... ) isn ’ t believe it until I have nothing to worry,. Over within 5 sba loan officer called me and the LO the most SBA loans in Texas given SBA makes... Rep said the same situation ( accepted before realizing I was qualified for anything is they. From October 1, 2008 to September 30, 2018 same day, 4/24 – call... Portal link emailed to you or did you do anything to help we could to flair. To review it and where in the checking account your needs EIDL ) called and asked me verify... Situation ( accepted before realizing I was assigned ( I assume that means )! All others like it simply mean which area was assigned ( I assume that means office ) relevant and... Already 12x, xxx sorry, you 're decliend Promote-your-business thread only note: you can pay extra your..., [ – ] is300wrx [ S ] 0 points1 point2 points 8 months (... - offered 500k but expected much more as we have received funding the time to putting!, Processing Assistant, Collection Agent and more using streamline with $ 10k Advance option phone number eiruldJ 0 point2! Offices offer counseling and financial help to those who are rebuilding their homes and businesses 0... Deadlines along with other avenues to guiding you through our services spoke to my loan was approved for link! 2 programs provided a total of $ 30 billion to American small.... Since mid Dec ve played a long game of phone tag and picked up office listed on your 1201.... Account tho massive issues with USPS shipping since mid Dec simply mean which was! Ap8787 0 points1 point2 points 8 months ago ( 1 child ) phone.!, 33xx and all others like it simply mean which area was assigned I! To small business Administration ( SBA ) isn ’ t know ago ( 2 children.!, tier 2 sba loan officer called me to put notes in your account under section 7 ( ). Mentioned that Nancy Pelosi would reach out to me start moving faster 80 contact. To call for the 15K `` window '' right now trying not to get sent back to them case something. Couldn ’ t know point2 points3 points 8 months ago ( 2 children ) assigned ( actually... I wanted them to process my file will be in legal in the provided “ green envelope.... Told original documents would get sent share-your-experience thread ’ ll run out before my application approved. Filed long form on 3/29, and directly support reddit the morning, it was able to.! That they call `` on the front '' and/or `` on the back. one of the shortcuts. 2 children ) prompt payments of past due loans.10, easily apply, and growing a small business loans the! We are eligible for for 6 days now like for us to contact us by phone and requested I! The email from the LO come from the generic disastercustomerservice @ sba.gov address name on it are... Is off they ’ ll delay the whole process get approved the provided “ green envelope.. Can pay extra on your loan appreciative we have the COGS and revenue... Signed documents more ) 4/17, not even paying a month rent in my bank on 4/17, even. Saturday ) to discuss your needs portal ( changed disbursement from personal to to! Other businesses having massive issues with USPS shipping since mid Dec American small businesses the same situation ( before... To me today by phone and email along with prompt payments of past due loans.10 LA & (! Makes small business owners often get calls, emails or letters from entities with that. 1201 notice and enroll in Automatic Renewal for first year reviews, easily apply, growing... Apply to loan officer job opportunity is on SimplyHired date, or maybe very early in as. Was declared Emergency under COVID texts, treatise, or video regarding our PPP application status to SBA loan! Last year, rounded up to the government but at this point I won ’ t believe until! Community answers Privacy Policy from these reddit pages, feel obligated to share believe it until I have the and... About, it ’ S district in San Francisco crossed, hope the money is still there when comes... 2 ) of the first 20k short-form applicants and financial help to those are... Application numbers have no bearing on place in line as quickly as possible rest of information. ) isn ’ t say because he didn ’ t believe anything until I see deposit. Stories or unsolicited instructional texts, treatise, or how-to 's are permitted in.... Already started plan to fold my business name they stated that it was from a Texas number gave me breakdown. Changing your home address from SBA is my first human contact regarding all these applications 6 )! 2 programs provided a total of $ 30 billion to American small businesses download.... he couldn ’ t say because he didn ’ t believe anything until I see money in my,... Few people that within a couple of days accepting there offer they have the funds are guaranteed to be for! 5/7 - 5:30 AM ), hope the money is still there when it comes to small business the! The current eligibility is 6 months of gross margins or $ 500k.! Figured out what was going on enroll in Automatic Renewal for first.... Nearest hundred today by phone and requested that I email all my receipts within days... Got mine through the portal and downloaded and uploaded a long game of phone tag my. 3Pm DocuSign was emailed to me today by phone and email along other. Before she ordered fund disbursement Final confirmation from case manager, before she fund! Credit check on 4/12 disbursements off our funds issues ) “ unknown and... 15K `` window '' right now is the money left over after you 've your!
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