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What are SBA Express Loans and How to Qualify ?

SBA Express Loans are the quickest type of funding offered by the Small Business Administration (SBA). They offer small businesses with the chance to access capital quickly and easily, allowing them to make necessary investments, expand operations, and more. 

Melanie Laurent

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. 

In addition, the small business must also demonstrate that it has the ability to repay the loan. The SBA will examine the business’s current cash flow, financial statements, and other documents to determine if the business is able to repay the loan. 

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Benefits of an SBA Express Loan 

The SBA Express Loan program provides small businesses with several benefits, including: 

1. Quick and easy access to capital. With an SBA Express Loan, businesses can access capital quickly and easily, allowing them to make necessary investments or expand operations. 
2. Lower interest rates. Interest rates for SBA Express Loans are typically lower than traditional loans, meaning businesses can save money on loan payments. 
3. No loan fees or closing costs. The SBA Express Loan program does not have any loan fees or closing costs, making it a more affordable option. 
4. Increased loan amounts. The SBA Express Loan program offers loan amounts up to $350,000, allowing businesses to access more capital. 

The SBA Express Loan program is a great option for small businesses that need access to capital quickly and easily. The program offers several benefits, including lower interest rates, no loan fees or closing costs, increased loan amounts, and longer loan terms. To qualify for an SBA Express Loan, businesses must meet the criteria outlined above and demonstrate that they have the ability to repay the loan.

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US Capital Source makes the application process seamless and available to every Business owner.

Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.

By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.

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