The most active and expert participating lenders qualify for either the SBA's Certified Lenders Program or Preferred Lenders Program. Both programs offer a quicker turnaround on your loan application. Certified lenders receive a partial delegation of authority to approve loans and receive a response on their loan guaranty applications from the SBA within three days.
Preferred lenders have full authority to approve loans.
They submit applications to the SBA only for an eligibility review, on which they receive a response within 24 hours. Microloans are made through SBA-approved nonprofit groups, known as intermediaries, which also provide counseling and technical assistance. It features a one-page SBA application, which cuts the paperwork burden for both you and your lender. Once your application has satisfied the lender's requirements, you and the lender together complete the SBA's one-page sheet guaranty application. If the loan is approved, the SBA will guarantee 75 to 80 percent of the amount and provide a 36-hour turnaround to the lender.