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| Issue: |
SBAExpress |
| Maximum Loan Amount: |
$350,000 |
| Maximum SBA Guaranty
%: |
50% |
| Interest Rate: |
Lenders and borrowers can negotiate
the interest rate. Rates are tied
to the prime rate (as published
in the Wall Street Journal) and
may be fixed or variable, but
they may not exceed SBA maximums:
Lenders may charge up to 6.5 percent
over prime rate for loans of $50,000
or less and up to 4.5 percent
over the prime rate for loans
over $50,000 |
| Eligibility Decision: |
By SBA, Qualified Lenders May
be granted Authorization to make
eligibility determinations |
| Revolving Lines of Credit: |
SBAExpress allows revolving
loans up to 7 years with maturity
extensions permitted at the outset |
| Turnaround Time: |
Within 36 Hours |
| Forms: |
Lender Uses Mostly Own Forms
and Procedures |
| Collateral: |
Lenders are not required to
take collateral for loans up to
$25,000. Lenders may use their
existing collateral policy for
loans over $25,000 up to $150,000.
For Loans greater than $150,000,
follows SBA's general collateral
policy |
| Credit Decision: |
By Lender |
| Purchase: |
May request expedited SBA purchase
on small loans or in situations
where liquidation may be delayed.
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| Click here
to Apply Now |
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