What is an SBA Express Loan?
An SBA Express Loan is a type of funding offered by the Small Business Administration (SBA) that provides small businesses with access to capital quickly and easily. The SBA Express Loan program was designed to provide small businesses with the capital they need to expand their operations, invest in new equipment and technology, hire more staff, and more.
The SBA Express Loan program offers loan amounts up to $350,000, and the loan terms are up to seven years. Interest rates are typically lower than traditional loans and there are no loan fees or closing costs.
How to Qualify for an SBA Express Loan
In order to qualify for an SBA Express Loan, small businesses must meet the following criteria:
1. The business must be for-profit and be located in the United States.
2. The business must have been in operation for at least one year.
3. The business must have an annual gross revenue of less than $5 million.
4. The business must have a good credit history with no delinquencies in the past 12 months.
5. The business must have a tangible net worth of less than $15 million.
6. The business must not have any outstanding SBA loans.