Working on EIDL Reconsideration files for more than a year, we’ve learned the many reasons that loans have been declined and why many Small Business owners are continuing to have tremendous difficulty with the SBA EIDL process. Simply, it’s mistakes folks make when completing their EIDL original applications.
Trevor, a 30 year veteran loan officer learned long ago to take his time when completing a loan application. He also learned long ago to triple check information, cross-verify documents and account numbers, and generally, obey the speed limit.
As a result, his loan applications have a higher rate of approval, including the many EIDL applications he’s submitted since last year.
The following two examples support our theory that Small Business owners are rushing and making mistakes. Completing your application (or any other documents you submit to SBA) isn’t going to get you the money faster than the time you take to slow down to complete the EIDL application so that it’s accurate the first time. On average, Trevor spends approximately two hours to complete an application for each one of our clients.
Here are the actual mistakes…one of dozens and dozens:
“I put an incorrect phone number on my application because I sped through it.”
“In my rush…I put the bank account number (in place) of the EIN.”
Schedule a free 15 minute consultation call to answer any pressing questions you may have about your EIDL loan application.
Please slow down, pay attention and review and double check the information you are providing to the SBA. They will not contact you to verify, they simply decline.