Community Express
Community Express is a pilot SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC), which is available to selected lenders, an SBAExpress like program will be offered to pre-designated geographic areas serving mostly Low and Moderate Income areas and New Market small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success.
Lender Participation
PLP lenders that have at least a 90 percent currency rate on their SBA 7(a) portfolio for the last 3 fiscal years and to selected non-PLP lenders that meet the eligibility requirements for participating in the SBAExpress program.
Technical Assistance has been recognized by both the NCRC and the SBA as often crucial to the success of these businesses. As a result, the CommunityExpress program includes a specific technical assistance component. Borrowers must receive pre- and post-loan closing technical and management assistance from local non-profit providers and/or from participating lenders, with that assistance coordinated, arranged and, when necessary, paid for by CommunityExpress lenders. CommunityExpress lenders may also consider this technical assistance as a collateral enhancement. CommunityExpress lenders must establish (and document) an internal procedure to ensure the consistent delivery of appropriate and effective technical and management assistance. The process begins with the identification of qualified and committed T/A providers. The focus then shifts to the CommunityExpress applicant and the T/A provider’s development of a business plan (as appropriate) and an assessment of the applicant’s management and technical assistance strengths and weaknesses. If weaknesses are identified as a result of that assessment, the lender should document the T/A provider’s recommendations and the remedial plan. The lender, in cooperation with the T/A provider, is also expected to strongly encourage the applicant to follow that plan.
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