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Getting Financing for Your Business Government Financing Programs SBA Loan Guarantees RIP SBA 'LowDoc' Loan Guarantee Program
Getting Financing for Your Business Government Financing Programs SBA Loan Guarantees RIP SBA 'LowDoc' Loan Guarantee Program
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PrintRIP SBA 'LowDoc' Loan Guarantee Program
The most popular form of financial assistance from the SBA was through the agency's Low Documentation ("LowDoc") Program, a derivative of SBA's long-established guaranteed loan program. This program was terminated in Fall 2005....may it rest in peace. Initiated in 1993, LowDoc expedited the procedures for obtaining SBA guarantees on commercial loans under $150,000. Problems regarding bureaucratic delay and protracted loan approval procedures were been reduced so that processing time for a LowDoc application was usually less than 36 hours.
However....the SBA Express program was made permanent. SBA Express loans require no paperwork from SBA and the turnaround time to the lending institution is alleged to be 24 hours. Check out the Express loan option here.
