4 December 2023

It Took Some Small Businesses Over 6 Months to Get News About Their Loan Application

By Ronald Smith

I have some interesting news to share with you. Did you know that there are some small businesses out there who had to wait for more than six months just to hear back about their loan applications? Can you believe it?

Yep, it’s true. Some small businesses, like yours, had to endure that long and agonizing wait. I can only imagine how frustrating it must have been for them. I mean, waiting for something important is hard enough, but waiting for half a year? That’s a whole new level of patience!

Now, I know what you’re thinking. Why on earth did it take so long? Well, my friend, that’s a great question. And unfortunately, I don’t have an answer for you. It’s one of those perplexing mysteries of the business world.

But here’s the thing, my dear small business owner. I don’t want you to lose hope. Your time is valuable, and waiting for such a long period is simply unacceptable. So, let’s work together to find a better solution.

We live in a world where communication happens at lightning speed. With just a few clicks, we can connect with people from all corners of the globe. So, why should it be any different when it comes to important matters like loan applications?

I believe that every small business deserves a timely response, especially when it comes to their financial needs. Waiting for months on end is like sitting on pins and needles, unsure of what the future holds.

So, my friend, let’s demand change. Let’s challenge the norms and strive for a system that values your time and effort. You deserve to hear back about your loan application in a reasonable time frame. And together, we can make it happen.

Remember, you are not alone in this journey. I, along with countless others, stand beside you, advocating for fair and efficient processes. Your voice matters, and it’s time for it to be heard.

So, let’s raise our voices together and say no to excessive wait times. Let’s demand a system that prioritizes small businesses like yours. And most importantly, let’s ensure that you never have to wait for over six months just to hear about your loan application ever again.

Stay strong, my friend. Better days are ahead, and together, we can make a difference.

It Took Some Small Businesses Over 6 Months to Get News About Their Loan Application

When it comes to getting a business loan, people want it for different reasons. Some want to start or grow their company, while others need help in a financial crisis. But the way you apply for a loan can be different depending on where you go, and this can cause problems for small business owners like me.

How Long Does It Take to Get a Business Loan?

I recently read a survey by Lending Express that shows a lot of small business owners have to wait a long time for loan decisions. Can you believe that 7.5% of applicants had to wait more than 6 months to hear back? And another 16.3% had to wait for over a month!

Now, not every lender takes this long, but even waiting a month or more can be really tough. Imagine if I have to wait six whole months or even longer! I could miss out on important opportunities for my business.

According to Lending Express, getting a single loan can be a game-changer for a small business. In fact, they found that 61% of owners were able to start making a profit with just one loan.

In an email report, Lending Express emphasized the importance of funding for small business owners. It’s what allows them to start, grow, and keep their businesses running. And while it can be challenging, this survey showed that most small businesses can become profitable after receiving just one loan.

The goal of the survey was to understand the current state of business lending. Lending Express conducted the survey in April 2019, gathering responses from over 1,000 small business owners to get a representative sample.

The Business Lending Landscape

As a small business owner, I have strong opinions about the lending landscape right now. But one thing we all agree on is that we want our loans processed as fast as possible. It’s so important to us that a surprising 17% of Gen-Zers said they would clean toilets just to get a loan in two days. And believe it or not, another 14% said they would even endure a root canal for that speedy loan process.

It sounds funny, but this desperate need for quick funding really shows the anxiety we small business owners are facing.

And that anxiety only gets worse when we get denied for a loan. It’s disheartening to hear that one in eight owners, or 12.6%, have been turned down for a loan not just once, but twice. And even worse, 9% have been turned down three times. These rejections really take a toll on the confidence of us small business owners.

Did you know that more than a third, or 36.5%, of people believe that deserving small business owners don’t always get the funding they deserve? That’s a lot of people who think the lending process isn’t fair.

And guess what? Gen-Zers are even more disillusioned. A whopping 43.6% of them have no confidence in the integrity of the lending process. They really don’t trust it.

Now, let’s talk about gender. Millennial females aren’t happy with how things are going. Almost 9 out of 10, or 89.5%, of them feel like there’s gender bias in lending. But interestingly, only 58.7% of millennial males feel the same way.

But here’s the thing: the perception of gender bias is high across all ages. 83.4% of all females believe there’s some level of bias, while it’s slightly less, 70.6%, for males.

So, what’s the main takeaway here?

If you’re applying for a business loan or need money to grow your business, it’s important to have a conversation with the lender. Even if you already have a lot of knowledge about loans, it’s possible that this particular lender has different requirements.

The more you know about their expectations, the more prepared you’ll be to meet their needs.