What is an SBA Express loan?

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What is an SBA Express loan?

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January 25, 2020

The SBA Express loan requires minimal paperwork and can be funded relatively fast. An SBA Express loan is essentially an SBA 7(a) loan that’s been optimized for speed and efficiency.

In the world of funding, many “quick” loans have a reputation for less-than-favorable rates and terms from high-risk lenders. SBA Express loans from Bankroll are different in that you will be matched only with reputable lenders offering the most competitive rates and terms. This is because the Small Business Administration reduces the loan’s maximum amount and limits its use to financing new or used equipment, debt consolidation, or general working capital.

There are several types of SBA Express Loans. The traditional version is good for small business owners whose needs are to up to $350,000. As far as timeframe goes, the SBA typically will respond within 36 hours and the loan will fund in as fast as 4 weeks. The SBA Express loan program has a lot of flexibility and can be used for many business purposes.

If you’re an exporter by trade, you may qualify for an Export Express Loan. This loan is similar to an SBA Express Loan, except approval time is faster and the maximum amount for is increased to $500,000.

Qualifying for an SBA Express Loan is pretty straightforward. If your credit score is above 680 and you are running a healthy business, you have a good chance of approval. Your dedicated loan specialist will be happy to walk you through the funding process process and answer any questions you might have about SBA loans.

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