The Low Doc Program is the latest innovation from the SBA in an effort to become more user friendly. Under this program, the participating bank does not have to submit all of the financial data to the SBA for analysis and review under a typical 7A loan. Rather, the borrower completes a one page application and the bank completes a one page analysis of the report. The SBA relies heavily on the bank's analysis and processes these loans quickly, often within forty-eight hours. Almost all of the traditional SBA loan programs can be processed under this program as long as the amount is under $100,000.00. Under the Low Doc Program, the loan decision process relies heavily upon the strength of the principal's character and credit history. Terms, interest rates and uses are the same as for any 7A loan.
