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The SBA Express program gives loans to eligible borrowers quickly for expanding a small business. From Vehicles to working capital this is the quick way to get cash. Try this program first before you go to a subprime lender.
About the Program
Maximum Loan Amount: $350,000
Interest Rate: Rates are typically variable and are tied to the prime rate. Rates can be charged up to 6.50 % over Prime Rate for loans of $50,000 or less, and up to 4.50 % over for loans over $50,000.
Eligibility Decision: By the Bank and SBA.
Revolving Lines of Credit: Up to seven years with maturity extensions permitted at the outset.
SBA Turnaround Time: Within 24 hours
Forms: Lender primarily uses own forms and procedures, plus SBA Form 1919, Borrower Information.
Collateral: Lenders are not required to take collateral for loans up to $25,000; may use their existing collateral policy for loans over $25,000 up to $350,000.
Credit Decision: By lender.