Quote:
Originally Posted by blake5676
I'm confused on what an SBA approval number actually is? I've seen a couple people use that terminology.
Does it mean your bank has given you this approval number that your loan and documents were verified and money is on the way?
Or is it just a number that says we've received your application and you're now officially in our system?
I'm operating on the idea that for whatever reason, I'm not going to be receiving the money. I've had my documents turned in for 10 days since last communication. And that's fine...it sucks but won't break me. But clarity has been so lacking throughout the whole process I feel like I've wasted too much time worrying about it.
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easiest way to think about it: The bank is simply an administrator of the program for the SBA:
applicant (you) applies to the bank,
bank tells you "OK, we have your application",
then bank has to feed your application to the SBA (after all the underwriting / certifications are vetted)......
So when you hear "SBA approval number", what that means is your application was pushed through the SBA, and the bank has received word from SBA that your loan will be funded. I'm not an expert on this, but I would think that this is also synonymous with "OK Bank, the SBA will back this loan....", and basically letting the bank finalize the transaction
Because of this, simply having bank confirmation of your application isn't enough. It's the SBA number you need....
Unfortunately, I think your assumption is correct in that, if you don't have the SBA approval number, that you will not receive funds...