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How long does it take, from applying to getting funded?
How long does it take, from applying to getting funded?

Your Guided Walk through Small Business Funding at Pathway

Updated over a week ago

Time is of the essence, especially when you're fueling your small business aspirations. You're not alone in wondering, "How long does it take to secure funding through a Community Development Financial Institution (CDFI)?" ⏰ We're here to shed light on this question and guide you through the timeframes involved in obtaining capital for your business growth.

1️⃣ Starting the Clock: Application Review 📝

The countdown begins when you submit your loan application—your ticket to venture further along your business pathway. At Pathway, we put our nimble feet to work and typically take around one to two weeks to review your application.

2️⃣ Unveiling the Landscape: Due Diligence 🔍

Now that we're acquainted, it's time to dig a little deeper. Consider this the phase where we uncover the lay of the land. Our due diligence process involves a comprehensive review of your business's financial health and potential. We're your scouting party, exploring the terrain to guide you best. The duration? Well, depending on the business, it can vary greatly. Around two to eight weeks, tailored to your pathway's complexity.

3️⃣ Crafting the Route: Underwriting 🛤️

During underwriting, we analyze your application details and collaborate with you to craft the perfect route. Just as pathways can wind and meander, this stage typically takes two to eight weeks, depending on the specifics of your journey. 🧭

4️⃣ Reaching the Summit: Loan Approval and Closing 🏔️

Your journey's peak is in sight—loan approval and closing are akin to that breathtaking view you've been hiking toward. This is where we fine-tune everything to ensure a smooth and secure passage. This step towards the finish can take around two to eight weeks—again, depending on the complexity or simplicity—ensuring every aspect is in its place. 🏞️

5️⃣ Enjoying the Expedition: Funding Disbursement 💰

Finally, the moment arrives to reap the rewards of your journey. Funds are disbursed to empower your business aspirations. This is your well-deserved rest stop after an exhilarating adventure. Within one to two weeks, the funds usually find their way to you, allowing you to continue your voyage.

Pathway Factors: Your Journey's Unique Traits

Keep in mind that your path to funding is unique, just like every pathway. Factors that influence the duration include the complexity of your application, the number of fellow travelers (applicants), your responsiveness, and external events.

Tips for a Swift Trek:

  • Gear Up: Have a well-prepared business plan and a comprehensive application with all the necessary documents. 📂

  • Stay Connected: Maintain open communication with us—we're your guides on this journey. 📧 📞

  • Trail Knowledge: Understand the phases and their typical timeframes. 📅

  • Forge Relationships: Build rapport with our team—it helps smoothen the expedition. 🤝

💡 Pro tip: Options to Fast Track Capital Access. There are times where smaller loan amounts and less-risky opportunities can be fast-tracked through different loan programs. These programs typically have higher interest rates and shorter terms. Be upfront from the beginning and your coach can guide you to these pathways.

So, in the grand scheme of your path to capital, the timeline for securing funding through Pathway spans from about 8️⃣ weeks on. With the right preparation, communication, and collaboration, you'll be well-equipped to navigate this timeline and reach new heights in your small business ventures. 🌟🚀

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