In exchange for the speed of these SBA Express Loans, you pay a slightly higher interest rate compared to traditional SBA loans.
SBA Express Loans are loans that are partially guaranteed by the SBA with expedited credit decisions from the SBA. SBA Express Loans offer SBA credit decisions in 24-36 hours, whereas non-Express SBA loans will involve SBA underwriting that will take 5 to 10 business days.
SBA Express Loan program, SBA Export Express Loan program two sub-programs within the SBA 7(a) Loan program offer loans and credit limits of up to $350,000 and $500,000, respectively. The main draw of these SBA Express Loan Programs is their aforementioned speed.
You can use the proceeds of one of these SBA Express Loans to buy real estate, refinance debt, and access working capital, just to name a few of the most popular uses.