What factors cause delays in business loan processing?

Delays in business loan processing can result from incomplete or incorrect documentation, discrepancies in financial records, or a lack of clarity in the business plan. Other factors encompasses high application volumes, additional background checks and the need for collateral assessment. Regulatory requirements and internal approval processes within lending institutions can also contribute to longer turnaround times. To minimise delays, ensure all documents are accurate and up to date, respond promptly to lender queries, and maintain transparency throughout the application process.