Online lenders, revenue based funders and factors can fund in days. Equipment lessors take one to two weeks. Banks and credit unions take four to eight weeks for a conventional loan, SBA loans usually take 45 to 90 days, and commercial real estate takes 60 days or more because appraisals and environmental reports set the pace.
Speed and cost move in opposite directions. The faster the money, the more you generally pay for it. The trick is knowing which clock you are really on before you choose.
Funding times at a glance
These are typical ranges from a complete application to money in your account, for a business that qualifies.
| Lender type | Typical time to fund | What sets the pace |
|---|---|---|
| Online lender | 1 to 5 business days | Automated bank data review |
| Revenue based funder | 1 to 5 business days | Linking bank and sales accounts |
| Factor | 1 to 2 weeks to set up, then 1 to 2 days per invoice | Customer credit checks and verification |
| Equipment lessor | 2 days to 2 weeks | Vendor invoice and title paperwork |
| Bank | 4 to 8 weeks | Underwriting, committee, closing |
| Credit union | 4 to 8 weeks | Membership plus underwriting |
| CDFI | 4 to 10 weeks | Smaller teams, more hands on review |
| SBA lender | 45 to 90 days | Eligibility, guarantee and closing rules |
| Asset based lender | 4 to 8 weeks | Field exam and collateral appraisal |
| CRE lender | 60 to 90 days or more | Appraisal, environmental, title |
The clock that matters is "complete application to funding". Most delays happen before the application is complete, while the lender waits for your documents.
Days to two weeks: online lenders, funders, factors and lessors
Online lenders and fintech platforms decide largely from data. You connect your business bank account or accounting software, the system reads your cash flow, and an offer can arrive the same day. Funding follows within a few business days once you sign. Larger amounts, usually above a few hundred thousand dollars, add a manual review and slow things down.
Revenue based funders work the same way. They look at deposits or card sales and advance against future revenue, often within 24 to 72 hours.
Factoring has two clocks. Setting up the facility takes a week or two while the factor checks your customers' credit, reviews your invoices and files its lien. After that, each batch of invoices you submit is typically funded within a day or two. If you expect to need cash on a cycle, set the facility up before the crunch, not during it.
These are the right tools when timing is the problem: a supplier discount that expires Friday, payroll before a large receivable clears, an inventory buy for a short season. They are expensive tools for long term needs.
Equipment lessors sit just behind them. Equipment financing is quick because the equipment itself secures the deal. For standard equipment and amounts under roughly $250,000, many lessors approve from a one page application and a credit check, then fund the vendor directly within days. Larger tickets, used or specialized equipment, and deals that need full financial statements stretch to two weeks.
The common delay is the vendor. The lessor needs a final invoice with serial numbers, and for titled equipment like trucks, the title paperwork. Ask your vendor for these on day one.
Banks and credit unions
A conventional term loan or line of credit at a bank or credit union usually takes four to eight weeks. The steps are predictable: the officer screens and gathers documents, a credit analyst spreads your financials, an underwriter or committee approves, and closing prepares documents and records liens.
What speeds it up:
- An existing relationship. Banks already holding your deposits move faster, and often have your history on file.
- A complete package on day one. Two years of returns, interim financials, debt schedule and personal financial statements.
- Smaller loans within the officer's authority. No committee wait.
- Simple collateral. Equipment or receivables close faster than real estate.
Credit unions add a membership step but otherwise run on a similar clock. Small community lenders can be faster than large banks for straightforward deals because the decision makers are down the hall. CDFIs often run a little longer because their teams are small and they spend more time on each borrower, which is the point of their model.
SBA loans and the Canada Small Business Financing Program
An SBA 7(a) loan typically takes 45 to 90 days from complete application to funding. Lenders with SBA preferred lender status can approve loans themselves under delegated authority, which cuts out a round trip to the SBA and saves real time. Ask any SBA lender whether they are a preferred lender before you apply.
SBA Express loans, for smaller amounts, get a faster SBA decision, but the lender's own underwriting and closing still take weeks. An SBA 504 loan, used for real estate and major equipment, involves both a bank and a Certified Development Company, and with appraisal and environmental work usually takes 60 to 120 days.
In Canada, loans under the Canada Small Business Financing Program are made and approved by the lender itself, then registered with the program. There is no separate government approval wait, so the timeline looks much like a conventional bank loan: several weeks, faster when the file is complete.
Real estate and asset based lending
Commercial real estate has the longest clock because third parties set the pace. The appraisal alone can take three to six weeks in a busy market. An environmental report, title search and survey run alongside it. Build 60 to 90 days into any purchase contract, and longer for construction or special purpose property.
Asset based lending requires a field exam of your receivables and inventory, and often an inventory appraisal. Expect four to eight weeks for a new facility. Once it is in place, you draw against your borrowing base daily.
How to shorten any timeline
Most of the time in a business loan is waiting, and most of the waiting is avoidable.
- Ask for the full document list on the first call, and deliver it all at once.
- Order third party reports early. For real estate, ask whether the lender will order the appraisal as soon as you sign a term sheet.
- Answer questions the same day. Each day you take to reply adds a day, sometimes two, to underwriting.
- Clean up surprises in advance. Tax liens, missing returns and unfiled annual reports stall closing.
- Put the right deadline in your contracts. If you are buying a business or a building, give the financing contingency enough room for the lender type you are using.
- Use a fast lender as a bridge only on purpose. Short term money to cover a gap while a bank or SBA loan closes can work, but know exactly how it gets paid off.
The register lets you search by lender type and place, so you can pick a lender whose clock matches your deadline. Start with a type above or a region such as New York or Quebec.
Need help choosing a lender? Sign up through BusinessLoanBroker.ai to share your financing needs and get help with your next steps. You can also explore financing guides and tools before you apply.