The SBA Express loan program is popular with borrowers and bankers due to an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours.
|Maximum loan amount||$1,000,000 until 12/31/20; $350,000 beginning 1/1/21|
|Maximum SBA guarantee %||50%|
|Interest rate||Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum|
|Eligibility decision||Made by the lender|
|Revolving lines of credit||Up to seven years with maturity extensions permitted at the outset|
|SBA turnaround time||Within 36 hours|
|Forms||Lender primarily uses own forms and procedures, plus SBA Form 1919|
|Collateral||Lenders are not required to take collateral for loans up to $25,000. May use their existing collateral policy for loans over $25,000 up to $350,000.|
|Credit decision||Made by the lender|
|Purchase||Lender may request expedited SBA purchase on small loans or in situations where liquidation may be delayed|
Here are the top SBA Express lenders based on 2019 SBA loan activity:
|Rank||Bank||# Loans||Avg loan||Rate|
|10||Bank of Hope||279||$116,430||7.6%|
|14||Fifth Third Bank||213||$96,120||8.5%|
The CARES Act increased the maximum loan amount to $1 million from $350,000 for loans made until the end of 2020. SBA Express loans approved prior to March 27, 2020 may not be increased to a total loan amount of more than $350,000. If the borrower needs additional funding, the borrower may request a new loan but the aggregate amount of Express loans may not exceed $1 million in 2020.
SBA Express is just one of many SBA loan programs available. Here is the complete list of SBA loan programs.