Finally Receiving the Loan Authorization Approval for a Business Loan

After a business goes through the necessary loan application process, the desired outcome is to get approved for the business loan. Once the due diligence process is completed by the lender, if the loan is approved, the lender will deliver its Loan Authorization.

How Fast Does a Loan Get Approved and Authorized?

The speed with which a lender will process and approve a business loan application depends on the internal loan review process of that specific lender, type of loan, the size of the loan, and the creditworthiness of the borrower. Therefore it is important for the borrower to provide all the necessary information and documentation to the lender as quickly as possible in order to speed up this process.

Loan Authorization Document

The Loan Authorization will outline the following information:

  • The total principal loan amount, type of loan and terms of the repayment of the loan
  • Description of the loan collateral, if any collateral is needed to secure the loan
  • Additional covenants and reporting requirements
  • A clear description of any additional costs and fees

The borrower will then review this Loan Authorization document and confirm that it accepts these final binding terms. This is Loan Acceptance.

NEED AN INVESTMENT? NEED A LOAN?

UP TO $1,000,000+ FOR CANADA/U.S. BUSINESSES – CLICK HERE