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 |
|---|---|---|---|---|
| 1 | TD Bank | 2,741 | $50,490 | 9.9% |
| 2 | Huntington | 2,730 | $57,616 | 6.8% |
| 3 | U.S. Bank | 2,332 | $38,850 | 8.6% |
| 4 | Wells Fargo | 2,221 | $15,783 | 10.4% |
| 5 | JPMorgan Chase | 1,668 | $131,724 | 8.8% |
| 6 | M&T | 1,301 | $68,976 | 9.1% |
| 7 | Eastern Bank | 422 | $70,176 | 9.9% |
| 8 | PNC Bank | 406 | $81,192 | 8.2% |
| 9 | Columbia State | 287 | $45,495 | 7.8% |
| 10 | Bank of Hope | 279 | $116,430 | 7.6% |
| 11 | Santander Bank | 277 | $110,369 | 9.5% |
| 12 | Banner Bank | 253 | $102,113 | 7.1% |
| 13 | Comerica Bank | 228 | $118,152 | 7.0% |
| 14 | Fifth Third Bank | 213 | $96,120 | 8.5% |
| 15 | KeyBank | 199 | $155,259 | 7.7% |
| 16 | Zions Bank | 189 | $55,208 | 10.5% |
| 17 | BB&T | 185 | $144,996 | 7.4% |
| 18 | Webster Bank | 178 | $99,879 | 8.5% |
| 19 | Oriental Bank | 169 | $104,267 | 7.3% |
| 20 | People's United | 155 | $91,783 | 7.8% |
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.