Last July I was contacted by the SBA and asked if I wanted to apply for a disaster relief loan, which considering my business took a hit, I gladly accepted. I could accept up to $10k but since I wasn’t sure if it would get approved or not, I opted for $6,600. It was approved within 48 hours and the money hit my account 24 hours later. The terms of 30 years and a 3% interest had me interested and I couldn’t pass it up.
Back in April, they reached out to me again asking if I would like to reapply seeing as they had released more funds. This time I could accept up to $25,000 but again opted for a lower amount of $14,500. The amount was confirmed, my forms were confirmed and it said my loan application is being processed. Well 45 days later I’m still waiting. Multiple calls to the SBA haven’t proved much other than for them to say it’s being processed. I’m assuming that due to the huge influx of people asking for loan increases that it will take longer than it did last year.
Anyone else experiencing a longer than usual wait time? The fact the first loan was approved so fast makes me think this one shouldn’t have much of an issue getting approved as well but just the waiting game has me on edge.
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