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About Program
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Issue:
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SBAExpress
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Maximum Loan Amount:
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$350,000
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Maximum SBA Guaranty %:
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50%
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Interest Rate:
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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
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Special Program Eligibility Decision:
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By SBA, Qualified Lenders May be granted Authorization to make eligibility determinations
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Revolving Lines of Credit are available::
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SBAExpress allows revolving loans up to 7 years with maturity extensions permitted at the outset
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Turnaround Time:
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Within 36 Hours
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Forms:
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Lender Uses Mostly Own Forms and Procedures
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Collateral:
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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 $350,000.
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Credit Decision:
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By Lender
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Purchase:
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May request expedited SBA purchase on small loans or in situations where liquidation may be delayed.
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Lender Participation
(Refer to SOP 50 10(5) for a more complete description of the application process.)
A lender may be eligible to participate in SBAExpress if one of the following:
Currently participate with SBA and meet certain portfolio performance standards. There are no minimum SBA loan volume requirements to begin making SBAExpress loans.
Are a non-SBA lender that currently makes a reasonable number commercial loans of $50,000 or less, and Loans made under this program generally follow SBA’s standards for Size, Use of Proceeds, Type of Business and Availability of Funds. Differences unique to SBAExpress are noted below. Contact your SBA district office for more information
Size
Eligible And Ineligible Types Of Business (Except where noted below)
Use Of Proceeds
SBA Fees for 7(A) Loans
Availability Of Funds From Other Sources:
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