About SBA Express Loan
SBA Express Loans have a maximum amount of $350,000 and usually have a 5-7 year term. Loan proceeds can be used for all the same purposes as the SBA Advantage loan.
The SBA allows an Express Loan to be structured as either a straight term loan or as a credit line. At First National Bank Small Business Finance, we do not offer the Express Loan as a stand-alone product, but rather as an additional product along with an Advantage or Grow Loan as a credit line for working capital.
A Flexible Commercial Finance Product
Our typical structure on an Express Loan is to have a Working Capital Line that can be drawn on for two years, with any balance outstanding after two years to be repaid on a 5-year term for a total term of 7 years.
In general, the product advantages of an SBA guaranteed loan are:
- Lower Equity Injection requirements to keep more working capital in the business
- Longer-term loans to keep required payments lower every month
- Fully amortizing loans – no balloon payments or refinance required
- Combine many uses of funds into one loan (Advantage Loan)
- No loan covenants that may impact business operations
Things to know before you apply:
Depending on your type of organization, we may need one or more of the following documents when opening your account:
- Department of State printout of business registration/Government-issued business license
- CPA-signed tax return
- Articles of Incorporation or Articles of Organization
- Bylaws or Operating Agreement
- Partnership Agreement
Have the following items available for your meeting with our experienced team:
- All current mortgage statements
- Current bank statements and/or account balances
- List of all owners having 20% or more ownership in the subject business along with any affiliates (if applicable)
- List of all current business debts and their respective monthly payments
- Tax Identification Number for the business and/or its affiliates.
- DUNS (Data Universal Numbering System) number