Your SBA loan has been approved! Next step: closing. You may be asking yourself what is needed from you as the small business owner in the closing process? Our goal is to make the closing process as smooth as possible, which is why we have a Closing Specialist who will be able to provide the answer to that question. Although there’s still work required to get you to the finish line, our Team will be here to guide you through every step.
Things to remember:
- Don’t make any large purchases
- Don’t increase existing personal or business debt or credit card debt
- Do not apply for new personal or business debt or credit cards
- Make sure your business entity is set up
These are all things that could easily impact the closing process, or in the worst-case scenario, they could make it impossible for your loan to close successfully.
Things to have prepared:
- Contact information for those involved in the loan – your attorney, accountant, insurance agent, etc.
- Legal documents for all business entities on your loan
- Federal Tax ID numbers for all entities
- Purchase agreement (if applicable)
Early in the closing process, your closing specialist will ask you for the items above. Having these items ready to send when asked will help keep your loan on track with closing. Both you and your attorney will receive a closing checklist weekly. As you send in items on your checklist, your closing specialist will need to review them. Once they are approved, your closing specialist will mark them satisfied on your checklist.
For a deeper dive into the closing process with our team at FNB Small Business Finance, please watch the video below. If you have any questions about the SBA lending process, don’t hesitate to reach out to our experienced lending team. We’re ready to help you achieve your goals!