How Long Does It Take to Get a Small Business Loan in the UK?

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January 27, 2023
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How Long Does It Take to Get a Small Business Loan in the UK?

You all might have heard many success stories of rags to riches businesses that how they began their businesses from scratch and achieved their goals. These businesses must have secured a small business loan at least once or when they first launch their businesses.   

Although passion and determination are crucial, you still cannot ensure the fast cash flow that your business needs. In this particular scenario, you ought to consider a small business loan, which is essential for providing injection to your business or startup capital for a new business. Once you plan to secure a business loan, you typically won’t want to wait around for it. So, you need to understand the application and approval process and the time which is required to get a business loan.

Proceed with small business loan application and approval process

Obtaining a business loan can be challenging, particularly if you are a new business owner. But it sounds cool that a new business can get a loan. But it can be a long and difficult process, and you might not know where to begin. Moreover, for many small businesses, deciding whether to submit a small business loan application is an important option that should be made carefully. That’s why before starting the application process, you should know the actual process which is involved in small business loans’ easy approval and funding. The four steps of the loan process are good research, application submission, underwriting (application under examination), and funding (approved application for loan).

Find out the best loan for your business- if you’re looking for a small business loan, first look into loan types and the best way to get a small business loan with bad credit. There are various loan types accessible, each with its requirements, terms, and restrictions. The next step is to start the application procedure once you’ve selected a loan that suits your needs.

  • Submit your application- Select the lender that is best for your business and submit an application. This step is largely under your control because an application and some business documents such as tax returns, bank statements, and business plans are required for this step. However, sometimes your lender asks for some additional details or supporting papers, which might cause delays. Whereas, certain lenders offer a dynamic approach.
  • Underwriting by the lender- After you have submitted your application, it will undergo an assessment. This proceeding step indicates that your lender is examining everything such as the business’ financial background and business model to ensure that you are eligible for the loan. If the lender finds you eligible then the loan provider will determine the amount of money you can borrow. Additionally, the loan provider will discuss the loan’s conditions which include the loan’s interest rate, payment terms, and all other terms. However, if you are applying for a business loan via Beta Energy Direct, a small business loan broker, the interest rate is fixed. The lender will also give you the loan agreement, a written contract that describes the lender’s conditions after you have agreed upon the terms and conditions.
  • Financing by the lender- After approval of the application, financing is when your lender sends you the amount of cash you wanted. It may only take a few hours if they deposit money into your bank account.

Step 1

Find the best type of loan for your business

Step 2

Find the lender and submit your application

Step 3

Application under consideration

Step 4

Application approved, read terms and sign a contract

Step 5

Receive the funding

What influences the duration of the business loan approval process

If you are looking to get a small business loan, keep in mind that securing the finance can take a few days to a few months. It is so because the length of the process is determined by a variety of elements, such as the sort of loan you’re looking for, the lender you’re interacting with, as well as your credentials. Many factors can influence the time duration for approval of the application. However, some primary elements affecting the length of time it takes to obtain a business loan are listed as follows:


The application process varies from lender to lender, and some take longer than others.

Workloads on peak days

If you submit your loan request during peak days, it may take longer for the lender to complete it.

Financial condition

Some financing arrangements can be completed quickly because the lender has direct access to your documents.

Amount of loan

A greater loan amount or a prolonged time may entail additional provider investigations.

Key Considerations

In addition to the above-stated factors that may delay the approval of a small business loan, some other factors can also cause a delay.

  • Submit the application before speaking with the lender on the call. The process will be longer if you’re awaiting a call.
  • Computerized processing of the application may be completed in a couple of minutes, whereas a manual review can take several days.
  • Traditional lenders typically take more time to grant business loans.
  • Secured loans frequently require more time to set up than unsecured loans because lenders need to assess your assets.
  • Reviewing your financial statements and business plan can also cause delays.

Overcome the troubleshooting factors and accelerate business loan

Do you need business financing right away? We understand that you have no control over the loan approval and funding process; nevertheless, there are a few things you can do to make it go more quickly.

  • Select a lender that has a quick turnaround and gives a fast response.
  • Don’t submit your application on peak days or weekends. Instead, it’s better to drop in your submission during the week.
  • You can also save time by preparing all business financial documents in advance.
  • Keep in touch with your lender and respond as soon as possible if your lender contacts you by phone or email.
  • Prioritize an ACH payment or an electronic transfer to get your payments rather than a check.
  •  Get a readily available business banking account for your money.

How Beta Energy Direct can help you in getting a small business loan?

You may be well aware of the fact that banks and traditional lenders frequently process the application more slowly. But the system has revolutionized now because new business loan lenders provide quick loans to grow your business without hurdles. Small business lenders are very beneficial for businesses because they are the best way to get a small business loan with bad credit. Furthermore, you can also get a small business loan online. Business owners sometimes have to acquire a business loan quickly. If you need a loan rapidly, avail yourself of the opportunity of obtaining a swift loan with Beta Energy Direct, which is the best place to get a small business loan. Here we help businesses to choose the lender that best suits their requirements and offer you the best type of loan. Our experts can help you secure financing quickly. Moreover, we provide the best way to get a small business loan by choosing the right way to accelerate the process. All you need to do is to keep all relevant information prepared.


How long does a small business loan take after approval?

After the approval of your small business loan, you will receive your commitment letter. It may take an extra ten to twenty days. If everything goes smoothly, you might get your loan in a month. It can take a lot longer if you take additional time to finish your application. However, if you have applied for the SBA loan, the funding will be deposited directly by the SBA between 3-5 working days.

How will I know if my small business loan is approved?

By logging into the SBA site, you may find out the status of your loan. So should include relevant details when submitting your application because the lender may have multiple ways to verify the progress of your loan.

You can also check the application status through customer service by calling the borrower’s customer service department. They will provide you with all the information by answering any queries.

How long does it take for a business loan to be approved?

Depending on the lender you’ve planned to enter, that will change. However, it may take anywhere from a day to a month.

What happens after the SBA loan is approved?

Typically, the SBA loan approval rate is higher and there is a chance of your application being approved. So, after the approval of your SBA loan, you will need to communicate with your lender to decide on the loan terms and get a hold of the funds. It includes repayment terms, interest rates, and other details. It’s crucial to be agreed upon before signing the loan agreement. The money will be accessible after the completion of everything.

How long does it take to get a small business grant?

Depending on the type of grant, the application procedure will change. The time frame might typically depend on the lender, which may take 30 days to 18 months. The due dates for government grants are frequently listed publicly on their websites. However, the number of applicants and a strong proposal of your business increase the chances of receiving the grant.

How to get a startup business loan with no money?

Although the majority of lenders require a minimum yearly turnover to process your application. That means new businesses can’t get startup loans. However, the government and some organizations offer loans and grants for startup businesses. No-doc is a type of unsecured loan that is provided by some lenders. It does not require proof of business income. You’ll probably need a good credit history and a deed of trust to be eligible.

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