Resources / Term loans
How long does a business term loan really take?
Short answer: with a responsive borrower and a clean file, one to six weeks from application to wire for loans between $250K and $5M. Banks commonly run two to four months for the same check size. Here's where the time actually goes — and which parts you control.
The realistic week-by-week
| Stage | Typical time | What's happening |
|---|---|---|
| Application + statements | Day 0 | The same 5-minute application as an advance; statements reviewed on submission |
| Initial offer / term sheet | Days 1–3 | Amount, rate, and structure based on revenue analysis |
| Document collection | Days 3–14 | The stage borrowers control — see the list below |
| Full underwriting | 1–2 weeks | Financials verified, liens searched, payoff letters ordered |
| Closing + funding | 2–5 days | Final docs e-signed, conditions cleared, wire sent |
What larger files add to the checklist
Above roughly $500K, expect requests beyond bank statements:
- Most recent business tax return (sometimes two years above $1M)
- Year-to-date P&L and balance sheet — QuickBooks exports are fine
- Debt schedule: every current loan, advance, and lease with balances and payments
- Driver's license and voided check (same as any file)
- For equipment or build-outs: the invoice, quote, or contractor bid being funded
What makes files fast
- Same-day document turnaround. The single biggest variable. Files where the owner responds within a day close in weeks; files where requests sit close in months.
- Clean, complete first submissions. A full debt schedule up front beats underwriting discovering positions one at a time.
- Books that match the bank. If your P&L says $2M revenue and your deposits say $1.4M, underwriting stops until the gap is explained. Reconcile before you submit.
What makes files stall
- Unfiled or extension-pending tax returns with no interim financials
- Open tax liens or UCC filings nobody mentioned (they surface in search anyway)
- Use of proceeds that keeps changing — pick the project, fund the project
Need it faster than a term loan can move? That's exactly the gap a
revenue advance covers — offer within the hour, funding
same-day, sized to your deposits. Many of our term-loan clients bridge with an
advance and roll into the term loan at closing. Start with the same application →
Not sure which product your project calls for? Start with advance vs. term loan vs. line of credit.