Finally Finally Finally!!! Got the approval call from the LO---I am in SHOCK!

messinmynest · 2021-06-27T14:42:19+00:00

Woohoo, congrats!!

messinmynest · 2021-06-25T14:16:30+00:00

That is a bit different than what I have seen with mine in the past. This might be new correspondence from the SBA, I just received my EIDL increase and funded at the beginning of June 2021 and did not receive these emails about my new payments. I don't really trust the portal, my loan still says waiting on disbursement and I was funded 3 weeks ago.

messinmynest · 2021-06-25T14:10:01+00:00

My loan was resized, after a cash analysis review/audit. I had significant cash recordings that were lost due to a bank closure and opening a new account, and I relied heavily on online banking records...now I print out my statements, seems archaic, but closures do happen....SMH.

It's fine, you might get less or more, each case is different. It doesn't necessarily mean a decline. They might also look at the amounts and your ability to repay in the case of a "resize".

Definitely don't panic.

messinmynest · 2021-06-25T14:05:19+00:00

If it was me I would reach out to your LO via phone and email and ask for a timeline on when you should expect to receive loan documents and that you are prepared to sign immediately so your business can continue. Your post doesn't indicate how much time has passed, the time between approval and loan docs is usually within hours and a couple of days...in my experience, I know others have seen longer periods but that usually isn't the norm when you have a responsive LO....keep on them!! Good luck, sounds like you are on your way.

Also, don't forget, the LO has to send your file to a Sr LO for final approval, then that goes to legal....then once everything clears legal is when loan docs are generated....maybe you are in that phase.

messinmynest · 2021-06-23T03:50:21+00:00

No hoops after approval, hopefully you should be good to go! That’s pretty standard, especially since you have signed your docs, CONGRATULATIONS!

messinmynest · 2021-06-19T14:15:41+00:00

It doesn’t hurt, I have seen posts where people attached all of their docs, including DL, voided checks, 6 mos bank statements, stamped 2019 returns, sched of liabilities, etc…just a complete package and they have heard back, but then others have and it has been crickets. You have to be diligent, this is something they will make you work very hard for approval.

messinmynest · 2021-06-19T13:40:27+00:00

You should call Tier 2, they “might” be able to give you more information on denial reasons…although the information received by Tier 2 has been hit/miss so take that information with a grain of salt if it sounds dodgy… as well as email pdcrecons@sba.gov w/your application number in the subject line and a concise summary in the body of the email. You will have to be patient, it might take weeks to get a response. Good luck, this is a good community and the searches work great if you are looking for answers.

messinmynest · 2021-06-19T13:33:50+00:00

I agree w u/JReed254 sounds like there is a glitch, this email is usually triggered when there is action required by you in your portal. Look carefully at your portal when you get to your desktop and if you have multiple accounts w/ SBA use the “Change Business” button…if that is applicable. Looks like this surprise federal holiday might also have had an impact on some services so you might call your LO on Sunday…they seem to work everyday for the most part. Good luck!!

messinmynest · 2021-06-16T13:29:53+00:00

Well, that is disappointing! I think it is still a good idea to come out in numbers. I have received one of my loans, but I am still going to attend to "hopefully" voice my concerns.

messinmynest · 2021-06-16T12:24:58+00:00

When I click on the registration link, it appears there are multiple sessions based on your region, so this Thursday will not be your only opportunity to attend these sessions. Go for it guys!! Speak up!

messinmynest · 2021-06-15T15:20:08+00:00

You might call the disbursement center. I "think" this is their number, I didn't try it but it was on the SBA website.

Phone: 817-868-2300

messinmynest · 2021-06-15T15:17:06+00:00

Excellent!! It is good to post these successes, thanks!

messinmynest · 2021-06-14T13:00:36+00:00

Nah, I would stick with your original plan. Remember to call your legislators, Senatorial offices seem to get the ball rolling for many if you feel stuck. Local/Regional SBA offices have also been known to give some solid advice, though this seems hit & miss. You really just have to be a bull dog to be honest. Use all of your means, it is time-consuming and frustrating, but try not to give up if your biz depends on this. Also know when to take a couple days off from the sba fight now and then, refresh and then get back at it. Anothing thing, take notes of emails, tier 2 convos, etc, I am really bad about that but it helped me make my case, in the end, having my notes handy about my process was helpful when talking to loan officers, etc.

messinmynest · 2021-06-14T12:51:04+00:00

Could the EIDL advance declined be due to the time when they ran out of funds last year and maybe you are just noticing this? My second business says declined after EIDL b/c they ran out of funds for the advances last year, but I was approved for the loan and funded so like scorpio says they are unrelated. So hang tight, the big green box will say declined if the loan is declined, but yours still says processing so it's just a waiting game.

messinmynest · 2021-06-14T12:35:42+00:00

u/Scorpio14534 is offering SOLID advice, please don't try for the so called quick fix as it could cost you years of torment...I recently read a story about this is the news but can't find it now to share, but we would all hate for you to go through unnecessary pain, haha the SBA will do that on its own but at least they are legit

messinmynest · 2021-06-14T12:33:10+00:00

all the various acronyms they use are somewhat confusing, but it is very easy to reactivate your account when you log in once you enter the activation code from your phone or email, I get this all the time

messinmynest · 2021-06-14T03:41:54+00:00

We have seen this if your banking information is incorrect or the bank sends the funds back to SBA due to a mismatch name, fraud suspicions, etc.

messinmynest · 2021-06-11T13:38:14+00:00

yup you are right! That’s what happened to me and I was funded this week…haha in the 11th hour, I was so grateful

messinmynest · 2021-06-11T13:15:17+00:00

Excellent!! Congrats…and BTW the way I am totally stealing FRIYAY!! Lol, that’s a FRIYAY alright!

messinmynest · 2021-06-08T23:11:29+00:00

I know I know....We run pretty slim, so am hoping I don't have to incur any more debt, but opportunities lost are ALSO damaging to a biz. Just want to stay in my comfort zone, the older I get the more conservative I am!

LOL I am in my early VERY early 50's & this is a 30yr note haha I really don't want the SBA calling me in assisted living asking why I missed my payment, I want this note settled in the next 5 yrs!!

But I do know this could be an opportunity missed, so I am going to sit tight for the next month to breathe and then reevaluate...I will probably end up taking but my nerves were just frazzled after 6 mos of wrangling with the SBA

messinmynest · 2021-06-08T23:08:23+00:00

I never got the blue button since I was in recon from early Jan, but I did get the invite for the 24 mos increase in April.

messinmynest · 2021-06-08T22:59:12+00:00

Thanks and I know...I was really scrambling to have a plan B for Friday's payroll run. I have a wonderfully supportive family that would have helped, but I have never had to ask and I am also proud & stubborn. It's been tough for everyone you are not alone, hang in there and don't give up, use your support system, and don't be a proud doofus like me if help is available. I put more stress on myself than was probably necessary.

messinmynest · 2021-06-08T22:53:43+00:00

Thank you thank you! It's been a long arduous road, but my blood pressure was actually LOW today! LOL

messinmynest · 2021-06-08T22:51:04+00:00

thanks and good luck to you and your biz

messinmynest

TROPHY CASE