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Small Business Administration

SBA Express Loans- No Collateral up to $25,000

Qualification Requirements

The Small Business Administration Express program offers streamlined and expedited loan procedures. If you have a 680 FICO credit score and you are:

·         A current or past U.S. military veteran or the spouse of a veteran

·         Located in an under utilized business zone

·         If you sell items that can be exported

·         If you sell items on your website that could be shipped to Canada, Mexico or any other country

The terms of SBA Express loans are 10 years with variable interest rates (Prime + 4.75%). The interest rate as of 4/1/2013 is 8.00% (9.12%APR).

For SBA Express loans, expect the application to funding process to take anywhere from 2-4 weeks.


SBA 7(a) Loan - Collateralized - up to $5,000,000

 

Qualification Requirements

The Small Business Administration 7(a) loan requires full personal and business documentation. The loan must be fully collateralized with real estate and/or assets with equal value to the loan amount.

Eligibility guidelines include (but are not limited to):

  • All applicants are US Citizens or registered aliens
  • Business is for-profit
  • Business does not exceed SBA size standards
  • Business does not engage in gambling, lending, investing, or property speculation
  • Applicants can not be on parole or probation

Full documentation includes (but not limited to) three years of business and personal financial statements, assets, liabilities, monthly payments and cash flow projections, personal and business income tax filings, and collateral equal to or greater than the amount of the loan. A written business plan will be required.

Real estate collateral is not required, however, it can be very difficult to get approved for a 7(a) loan without having personal or commercial real estate collateral to pledge.

There is no set minimum credit score for 7(a) transactions but creditworthiness is an important part of the decision making process.

If any of the following apply, they must be resolved prior to final approval:

  • Outstanding Federal or State income tax liens
  • Uncured defaults on any Government backed loan
  • Outstanding liens or judgments filed against any principal, guarantor, or business
  • Any open litigation that could result in financial penalties

SBA 7(a) loans have variable interest rates and terms up to 25 years. The interest rate is tied to the Prime Rate + a margin of 2-3%. The average current rate as of 4/1/2013 is 5.5% (6.25% APR).

For 7(a) loans, Expect the process from application to funding to take anywhere from 2-6 months. Each transaction is unique. To get more information about your specific situation please contact us directly and speak with a SBA Lending Specialist.

 

Toll Free: 1-800-563-4780

E-mail: info@sbacinc.com

 

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Small Business Advance Capital, Inc
9603 Deereco Rd, Suite 300, Timonium, MD 21093
1-800-563-4780
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Small Business Advance Caiptal, Inc. is not affiliated with or endorsed by the Small Business Administration or the U.S. Government