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Just as an experiment, add the linker option --zero_init=off. Just to see what effect this has on the load time.
Please search for the option --zero_init in the ARM assembly language tools manual.
It might be the case that the loader is taking a long time to zero initialize a large amount of memory. If that is the case, this linker option disables that behavior. The resulting program probably won't work, because it probably relies on most of the uninitialized global variables having an initial value of 0.
Thanks and regards,
-George