You should hear from your business loan broker at every change in your deal's status, and on a set rhythm in between: daily on fast products near funding, two or three times a week on equipment and bank loans in underwriting, and at least weekly on SBA loans. Any message you send should get a reply within two business days at most. Agree on all of this in your first working call, and silence stops being a worry.
Cadence by product
How often you hear from a broker should follow how fast the lender moves. Fast products have short gaps between events. Bank and SBA loans have long quiet stretches where an underwriter is simply working.
| Product | Typical time to fund | Fair update rhythm |
|---|---|---|
| Merchant cash advance | Days | Daily, often several times a day near funding |
| Online term loan or line | Same day to 3 business days after checkout | Daily once submitted |
| Equipment financing | 1 to 2 weeks | Every 2 to 3 business days |
| Bank term loan or line | Several weeks | Twice a week |
| SBA Express | 25 to 60 days | Weekly at least, plus every milestone |
| Standard SBA 7(a) or 504 | Longer than Express | Weekly at least, plus every milestone |
| Commercial real estate | Longer still, with appraisal and title | Weekly, plus appraisal and title milestones |
The fast end is genuinely fast. OnDeck says funds can arrive the same day if you complete checkout before 10:30 a.m. ET on a weekday. On a deal like that, a broker who checks in once a week has missed the whole thing. The slow end is genuinely slow. LendingTree notes that even SBA Express loans, the quickest SBA option, may take 25 to 60 days to reach your account. A daily update on an SBA file would mostly say "no change".
Cadence by stage
Within any deal, some stages are busy and some are quiet.
| Stage | What is happening | What you should hear |
|---|---|---|
| Intake | Building the file | A document list on day one and a note when the file is complete |
| Submission | File going to lenders | Which lenders, the day it goes, and any hard credit pull before it happens |
| Underwriting | Lender reviewing | Every condition the lender asks for, the same day it arrives |
| Decision | Approval, counter or decline | A call the same day, followed by the written offer or reason |
| Closing | Documents and conditions | Daily until signed |
| Funding | Money moving | Confirmation the day funds are sent |
Notice that "nothing changed" updates matter most during underwriting. That is when owners worry, and a two line note ("Still with the analyst at Lender A, no new conditions, expecting a decision Thursday") keeps everyone calm.
The two day rule
Agree on one simple standard with your broker and hold yourself to it too:
- Any message gets a reply within two business days. Usually it will be the same day. A reply can be short ("Got it, checking with the lender").
- Any change in status reaches you within one business day. That includes approvals, declines, counteroffers, new conditions and changes in amount or rate.
- You answer lender conditions the same business day. The rule runs both ways.
Two business days is the outer limit, not the target. On a fast product, two days of silence means something is off. On an SBA loan, a reply within two days with "no change yet" is perfectly professional.
What silence means at each stage
Silence is information. Here is how to read it.
- During intake: the broker is waiting on you, or on a co-owner. Check what is missing.
- Right after submission: lenders are doing first review. One or two quiet days are normal on bank and SBA files.
- Mid underwriting: usually the lender is working, sometimes waiting on a third party such as an appraiser or the SBA.
- After a decision was due: often a decline the broker has not delivered yet, or a counteroffer being negotiated. Ask directly.
- During closing: something is stuck. A missing signature, an insurance certificate or a verification call is the usual cause.
If quiet runs past the two day rule, follow the steps in what to do if your broker goes quiet.
Expect bad news, and expect it fast
Not every file gets funded on the first try. The Federal Reserve's 2025 Small Business Credit Survey found that 22% of applicants received none of the financing they sought. A decline is not a failure by the broker. Slow delivery of a decline is. Ask your broker to tell you about any decline the same day, with the reason if the lender gave one, and the plan for the next lender. A broker who shares bad news quickly is a broker you can trust with good news.
How to set expectations on day one
Put your preferences in the first call and confirm them by email. A short script:
Here is how I would like to work. While we are in underwriting, a short status note every Monday and Thursday, even if nothing changed. A call the same day for any approval, decline or new condition. I will answer anything from the lender the same business day. If you have not heard from me in two days, call my cell.
Adjust the rhythm to the product. For a merchant cash advance, ask for a daily note once the file is out. For an SBA loan, ask for a weekly note plus every milestone: lender approval, SBA approval, appraisal, closing date.
Then make it easy. Give your broker one point person on your side and one preferred channel. How to communicate with your business loan broker has a kickoff email you can copy.
How brokers on a platform keep you updated
Many brokers now work on platforms like Levr that log each lender submission, condition and decision in one place. Ask whether your broker can give you a portal view or an automatic note when the status changes. It does not replace a phone call for big news, but it ends the "any update?" email.
Too much contact is a signal too
Constant calls are not always good service. If the only time your broker calls daily is to push you to sign the same day, or to sell a second product you did not ask for, that is a specific behaviour worth pausing on. Good updates inform. They do not pressure.
Check how a broker works before you hire them
Every register entry carries a register number, a status and a last checked date, and verified entries show fees in writing. Ask any broker how they handle updates during your first conversation, and check their standing before you send a file.
Questions owners ask
Is a daily update reasonable?
On a merchant cash advance or online term loan in its final days, yes. On an SBA loan in underwriting, twice a week is plenty.
What is the two day rule?
No message from you should go more than two business days without a reply, and any change in the deal's status should reach you within one business day.
Should my broker tell me about a decline right away?
Yes, the same day, with the reason if the lender gave one, and the plan for the next lender.