Frequently Asked Questions

33. How long will it take to develop my plan and get a loan?

There is no specific time range for developing a business plan. The length of time it takes to craft a plan and get a loan varies from plan to plan and person to person. Several factors that affect how quickly your business plan can be completed include the amount of time invested in the creation of the plan, the scope of the research required for the plan, and the length of time a bank will take reviewing the plan.

Similarly, the loan application and approval process differs in each situation. Some factors that affect the application and approval process include the size of the loan request, complexity of the project, and participation in guaranty programs.

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Start Your Own Business | Obtaining Small Business Financing

The Arkansas Small Business Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran’s status, or disability.