SBA 7(a) Loan – Final Stage, Looking for Feedback on Approval Likelihood

Hey all,

I’m at the final stage of the SBA 7(a) loan process and would really appreciate input from anyone who’s gone through something similar. This community has been super helpful, so here’s my full situation:

Loan Amount Requested: $700,000

📌 Business Overview & Financials: • Business Type: High-end retail showroom + nationwide delivery-based sales • Structure: LLC taxed as S-Corp. I’m 100% owner and on payroll as CEO • 2024 Revenue: $3.2M (final) • 2024 Net Income: $650K+ (final, tax return already filed) • Q1 2025 Revenue: $705,600.53 • Collateral: • Primary residence (~$1.8M value) • Investment duplex (~$1.3M value) • Business inventory ($1M at cost) • Loan Use: Debt consolidation and working capital.

✅ Current Loan Status (PLP Lender): • Lender issued pre-approval • File reviewed by underwriter – no red flags • Loan structure approved by manager • All required documents uploaded (ISQ, business license, insurance, financials, etc.) • Now just waiting on final approval before closing.

⚠️ My Two Concerns: 1. I missed one EIDL payment last year due to autopay being accidentally turned off. I paid it immediately once I noticed and called SBA to explain. No pattern of delinquency — I’ve stayed current otherwise. And I requested Hardship accommodation twice.