Community Express Loan Details
|
Issue
|
Community Express
|
| Maximum Loan Amount | $250,000 |
| Maximum SBA Guarantee Percent | Follows standard SBA guarantee percent |
| Interest Rate | Standard SBA rates apply: Lenders may charge up to Prime plus 2.25% for maturities under seven years and Prime plus 2.75% for maturities of seven years or more, with rates 2% higher for loans of $25,000 or less and 1% higher for loans between $25,000 and $50,000. |
| Eligibility Decision |
By SBA |
| Revolving Lines of Credit | Allows revolving loans up to 7 years |
| Turnaround Time | Mostly within 36 hours |
| Forms | Lender uses mostly own forms and procedures |
| Collateral |
Lenders are not required to take collateral for loans up to $25,000. Lenders may use their existing collateral policy for loans from $25,000 to $250,000. |
| Credit Decision | By lender |
| Technical Assistance |
Lender must ensure borrower receives appropriate technical assistance (T/A) but may use SBA’s Small Business Training Network (SBTN) and/or other SBA T/A resources to fulfill T/A requirements. Lender must document provision of T/A in loan file. |
Taken from http://www.sba.gov/services/financialassistance/7alenderprograms/comexpress/index. html