SBA Express Loans and Lines of Credit in Tacoma and the South Sound

         What is the SBA Express Loan/Line Program?

The SBA Express Loan/Line of Credit Program helps small businesses with quick and easy financing for loans under $500,000, guaranteed for a variety of general business purposes.

UES OF PROCEEDS

·         Equipment purchases (machinery, business vehicles)

·         Permanent working capital

·         Inventory

·         Business expansion

·         Business purchase/acquisition (100% change in ownership)

·         Real estate improvements

·         Refinance of existing business debt

AMOUNTS

·         Minimum- $25,000

·         Maximum – $500,000

 

MATURITY

·         Inventory or working capital- Typically structured at 7 years but not to exceed a maximum of 10 years

·         Equipment, fixtures, or furniture- Typically structured at 7 years but not to exceed a maximum of 10 years, it may not exceed the economic useful life.

·         Real Estate, including acquisition, rehabilitation, renovation, or construction- Up to 25 years plus any interest period to reasonably complete the construction or improvements

·         7(a) Refinancing- Must coincide with the remaining useful life of the assets being refinanced or use of proceeds chart

INTEREST RATE AND TERMS

·     Variable Rates – based on Prime Rate based on dollar amount of loan and term

·     Fully-Amortized over life of loan (No Balloon)

·     SBA Guaranty Fee- $25,000-$150,000- 2% $150,001 to $700,000- 3%, $700,001- $5Mill- 3.5% (SBA changes SBA fees from time to time)

·     Lender may charge up to $2500 packaging fee.

 

WHO QUALIFIES

·            Must be for profit and meet size standards

·            Good Character and credit management

·            Must be an eligible type of business

 

BENEFITS FOR BORROWERS

·            Quick and Easy Approval

·            Long term financing

·            Improved Cash flow

·            Fixed Maturity

·            No balloons

·            No prepayment penalty

 

Ready to Talk?

Located in Pierce, King, Thurston, Lewis, Kitsap, or Grays Harbor County? 

Click here to contact Paul NOW. 

Paul is NOT a loan broker!