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What is the SBA Recovery Loan Queue?

Guest post by: Joe Ferriolo

Article Overview: During the transition period, a lender or CDC has the choice of submitting a loan application as a non-Recovery Act loan (where all fees as well as the lower SBA guaranty levels apply) or as a Recovery Act loan.

What is the SBA Recovery Loan Queue?

SBA will process the applications and if the application can be approved SBA will conditionally approve the application subject to the availability of Recovery Act funding. Loan applications that SBA has conditionally approved subject to Recovery Act funding will receive a loan application number and be placed in the SBA Recovery Loan Queue. Requests for increases to previously approved Recovery Act loans will be placed in a separate SBA Recovery Loan Queue. This Queue will have priority over the funding of new loan applications as they received their initial approval under the Recovery Act before the new loan applications in the Queue.

The lender or CDC may submit the new loan application either under delegated authority (if it has SBA delegated authority) or through the appropriate SBA processing center. If submitted under delegated authority, the lender makes the final credit determination and the preliminary eligibility determination. Approval by SBA normally takes 24 hours or less for loans submitted under delegated authority. If submitted through an SBA processing center, SBA makes the eligibility and credit determination which can require several days of processing by SBA prior to approval. If documents necessary to make an informed decision are missing, this can add additional time.

The loan application number is the key to knowing your place in line for funding of new Recovery Act loan applications. You can use your loan application number to find out your place in line in the SBA Recovery Loan Queue. During the initial Green phase of the transition, there will not likely be any applications in the Queue. Wise Man Finance

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Article Tags: br, cdc, eligibility determination, initial approval, loan application number, loan applications, loans, man finance, nbsp, priority, processing center, recovery act, sba, span style, style text, text decoration, transition, wise man



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