How Long Does SBA Disaster Funding Approval Take?

How Long Does SBA Disaster Funding Approval Take?

  • June 27, 2021
  • Written by : REIL Capital

Expect the unexpected, especially when it comes to owning or operating a business. There will always be obstacles, stressful moments, and big challenges to face, and unfortunately, most of which you will not have control over.

What kind of challenges are you facing in your business? The list could be short or endless and may include some of the following: weather changes, technology updates or difficulties, employee emergencies, debt, payroll, inventory issues, equipment malfunctions, or even physical disasters leading to things like damaged property.

When it comes to handling disasters, the best tactic is to prepare; if the disaster has already occurred, then instead of preparing, you’ll need to wisely recover.

Either way, you as the business owner are confronted with a few choices as to how to prepare or recover: seek an investor, tap into other assets (not the best choice), or apply for SBA disaster funding.

In all situations, you’ll notice, funding is needed as quickly as possible. To better understand if SBA disaster funding is or would be a wise option in your situation, and if you would be able to receive SBA funding in an appropriate timeframe, continue reading the notes below.

What is SBA disaster funding?

An SBA Disaster Loan is any physical or economical disaster that can be covered with some additional capital that is covered by the SBA Disaster Loan program. This loan can be used to replace inventory and other business assets, repair property or machinery, and more.

How can I get SBA disaster funding?

As with any type of funding, you will first need to find a lender. Here at REIL, we offer a personalized service, which provides small business owners with a customized funding solution in a friendly yet expedited manner.

The next step in the process is to complete your funding application; the length of time to complete this varies, however with us, you’ll spend about 3 minutes. Some applications are much more in-depth due to the level of detail and background or history requested by the lender.

Before applying, however, it is best to double-check the minimum requirements to ensure you are eligible for said funding. Here are our minimum requirements for SBA funding:

  • Operate a business in an eligible industry
  • Based in the United States
  • Have a minimum of $100,000 in annual revenue
  • Maintain a 145+ business score
  • Have a personal credit score of 680 or higher

Keep in mind that the above-listed requirements are not the same as the requirements for EIDL eligibility.

Following your application, you will need to provide a number of documents. Please see our list of documentation requirements for SBA disaster funding, such as business bank statements, tax returns, balance sheets, and others, to learn more.

How long does SBA disaster funding approval take?

As mentioned previously, at REIL Capital, we have streamlined our funding process, ensuring that you will receive working capital in an expedited manner. In some cases, funding approval can be given in as little as 24 hours, and capital provided within 48 hours.

SBA disaster funding is a bit more tricky, however. With each application, a business owner must complete a mandatory disaster loan process for lenders and the Small Business Administration:

  • Apply for the loan; the step is simple and can be completed here.
  • Next, the SBA will need to verify your property, review your credit, and process your funding application for a final decision. As you can see, this step is very similar to, and almost redundant, the application and approval process via your lender. This means majority of your information can be easily transferred and reviewed.
  • Once approved and processed, your capital will be disbursed.

A similar blog of ours, “SBA Disaster Loan: Approval Process, Requirements, and Application,” goes on to explain that, “time varies based on the ability to have each part of the process completed in a timely manner. Most of the time, funding will be provided within one month, sometimes dripping into the next on rare occasions.”

How can I speed up the approval process for SBA disaster funding?

Simply put, preparing ahead of time will help speed up the process. Look deeply into the application and requirements, and ask questions to your chosen lender if needed.

By gathering all necessary documentation and creating a well-strategized financial plan prior to applying, you will have already eliminated multiple days of the full-length process.

Questions about funding? Ask our financial experts! If you are short on time, we invite you to read more of the commonly asked questions below.

FAQ about SBA disaster funding:

How long will it take to receive SBA disaster funding?

With us, you can receive capital in as little as 24-48 hours. Our application process will take a short 3 minutes, and you can receive approval within the next day.

Who is eligible for SBA disaster funding?

According to,”if you have suffered a substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):

  • Small business
  • Small agricultural cooperative
  • Most private nonprofit organizations”

As a team of financial experts who have also experienced business disasters in the past, we know how to help you recover. If you have recently been involved in a disaster and need SBA disaster funding, we’d love to work with you to give you the capital you need and the support you want. Let’s do this together.

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