SBA Express

• Guaranteed loan amount of $350,000
• Percentage of guarantees
  • Not to exceed 50%
• Loan proceeds must be for the following:
  • Expanding or renovating facilities
  • Purchase of machinery, equipment, fixtures and leasehold improvements
  • Financing receivables and augment working capital
  • Purchase of land or buildings
  • Financing seasonal line of credit
  • Constructing commercial buildings
  • Refinance of existing debt (under certain circumstances)
  • May be used for revolving lines of credit up to 7 years maturity or for a term loan
• Maturity depends on ability repay
  • Generally working capital is 5 – 10 years
  • Up to 25 years for fixed assets such as purchase or renovation of real estate or equipment ( not to exceed the life of the equipment )
  • Maximum of 20 years on current or existing buildings
• Maximum Interest Rates
  • Loans $50,000 or less, prime plus 6.5%
  • Loans greater than $50,000, prime plus 4.5%
• Guarantee Fees:
  • 2% on guaranteed portion of loans up to $150,000
  • 3% on the guaranteed portion of loans more than $150,000
  • ¼% for lines of credit up to one year
• Lenders are not required to take collateral for loans up to $25,000
  • Lenders my use existing policy for loans over $25,000 up to $150,000
  • For loans greater than $150,000, follow the SBA’s General collateral policy
• To be qualified:
  • You must be a for profit business and meet SBA size standards
  • Show good character, credit management and the ability to repay
  • Must be located in the US or its territories or possessions