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Disaster Business Loan Training for Lenders QA PDF - SBA - sba

Disaster Business Loan Training for Lenders QA PDF - SBA - sba 2025

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The document provides training information for lenders participating in the SBA disaster loan program, addressing common questions about application processes, loan disbursement, documentation requirements, and the role of lenders. It emphasizes the importance of teamwork in assisting disaster victims and outlines procedures for managing loans and protecting taxpayer funds.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How is the SBA disaster loan verification process?

SBA reviews your credit before conducting an inspection to verify your losses. An SBA verifier will estimate the total physical loss to your disaster-damaged property. A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries.

What is the loss verification process?

Loss verification refers to the process of evaluating the cause and extent of property damages, and is a key step in establishing borrower eligibility and the size of disaster assistance loans approved by SBA.

What happens after an SBA disaster loan is approved?

Upon return of the signed documents, an initial disbursement will be made within 5 business days up to the following amounts: physical damage - $25,000; economic injury (working capital) - $25,000 which can be in addition to the physical damage disbursement for eligible businesses.

What are the qualifications for an SBA disaster loan?

Eligible businesses must: Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.

What is the 20% rule for SBA?

Individuals who own 20% or more of a small business applicant must provide an unlimited personal guaranty. SBA Lenders may use this form.

Do they check credit for an SBA disaster loan?

Generally, to qualify for any type of SBA loandisaster loan or otherwiseyoull need to have a credit score between 640 and 670, or higher. This being said, for any of the four loans in the official SBA disaster loan program, it will be up to the SBA to verify your credit and determine your eligibility.

How long does it take to review SBA disaster loan?

As weve covered, the SBA may take up to three weeks to review and approve your disaster loan application. If you cant afford to wait this long for financing, you may need to look into other options to hold your business over.

Disaster Business Loan Training for Lenders QA PDF - SBA - sba 2025

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