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SBA Loan Status 101

Written by: Patrick Findaro
Last Updated by Marina Longo: August 17, 2022
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Here at Vetted Biz, we understand that the process of applying and receiving an SBA loan can be a difficult one for many prospective small business owners. That is why we have created this SBA Loan Process 101 to help you better understand this often confusing process. Below, we will cover the basics of checking your loan’s status. Understanding what your status means, and common concerns following loan approval.

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How can I check my SBA loan status?

The easiest way to check your SBA loan status is to login into the SBA portal using your login information. Once there you can easily check the status of your loan. Whether it was approved, denied, or is still pending. If you are struggling with your login, there is the option to reset your password in the portal as well. Additionally, the SBA’s customer service can be reached at 1 (800) 827-5722 or answerdesk@sba.gov, and they can help you with checking the status of your application.

What are the different SBA Loan Statuses? 

There are a variety of different statuses that your SBA loan can have:

  • Current: If the interest paid-to-date is less than 31 days from the month ending date, the loan will be classified as “Current.” This means you have made all due interest payments up until a date in the current month or within 31 days of its ending date.
  • 31-60 Days Past Due: If the interest paid-to-date is 31-60 days from the month ending date, the loan will be classified as “31-60 Days Past Due.” This means you have made all due interest payments up until a date in the preceding month or within 60 days of the current month’s end.
  • Over 60 Days Past Due: If the interest paid-to-date is over 60 days from the month ending date, the loan will be classified as “31-60 Days Past Due.” This means you have not made all due interest payments up until any date within 60 days of the current month’s ending date.
  • Deferred: If either your principal or principal and interest (P&I) payments have been deferred, the loan will be classified as “Deferred.” This means you still intend to make further payments, but payments have been put off until some future date. 
  • In Liquidation: If the SBA is in the process of liquidating your loan as you have defaulted on your loan, the loan will be classified as “In Liquidation.”
  • Paid-in-Full: If you have made your final payment, the loan will be classified as “Paid-in-full.”
  • Transferred: If your loan has been transferred to a different lender than the original, the loan is classified as “Transferred.”
  • Charged-Off: If you have defaulted on your loan with no hope of repayment and the SBA has closed out of its guarantor position in the loan, the loan will be classified as “Charged-Off.”
  • Fully Undisbursed: If you have not received any of your funds from your loan, the status will be “Fully Undispursed.”

Should I be worried about my loan marked as exempt from disclosure?

Your loan marked as exempt to creditors and other outside actors is not a bad thing. And a Vetted Biz study found that 26% of approved 7(a) were marked as such. In fact, loans that are marked as exempt is a result of the Freedom of Information Act. It is meant to protect your business from being competitively disadvantaged from the release of your loan status. Most loans marked as exempt from disclosure are active and in good standing. But some businesses are currently in-litigation or filing for bankruptcy. To learn more about the exempt status, check out Vetted Biz’s comprehensive study on the subject.

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How can I refinance my SBA Loan?

It is possible to refinance your SBA loan after its approval. But it is important to note that this is only possible under specific circumstances. The SBA officially says that existing SBA loan refinancing will only be considered if, “the borrower has new financing needs that the existing lender has declined or the existing lender has refused to modify the terms of the existing SBA loan to accommodate the new loan.” However, it is important to understand what this wording means in practice. As an SBA loan borrower, you must first reach out to your existing SBA lender. In order to seek additional funds, a new interest rate, or modified payment terms. Only if this is unsuccessful could you then attempt refinancing with another bank offering SBA loans. 

Due to these strict requirements for refinancing with the SBA. Our team at Vetted Biz believes it is very important that you find the right lender for your financing needs when initially seeking your SBA loan. We have put together a list of the top 25 SBA lenders based on research into loan terms and success in past years. Be sure to look into each lender’s profile to learn which lender is right for your business’s needs. Finally, it is important to note that business owners who initially did not take advantage of the SBA’s loan programs could later through refinancing .Non-SBA loans are eligible for refinancing through the SBA’s 7(a) loan program if their original loan would have been SBA eligible. 

What happens if I cannot pay back my SBA loan? 

If you are unable to pay back your SBA loan, the lender will start to begin collecting money through whatever process is outlined in the loan agreement. This can result in the loss of any personal assets you put down as collateral on the loan. And the process is similar to standard loan default procedures.

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