The Small Business Administration announced a new SBAExpress pilot loan program intended to expand the number of lenders participating in the loan program and increase access to capital for small businesses. Under the new program, lenders may use their own forms and processes to approve SBA-guaranteed loans, resulting in minimal paperwork rather than the often extensive paperwork that discourages wide participation. The agency will promote “immediate response” on most SBAExpress applications. The maximum limit on SBAExpress loans has been increased from $150,000 to $250,000 and the SBA will be offering additional incentives for banks to meet the needs of new and startup small businesses requiring smaller loan products of $50,000 or less. For additional information on all SBA programs contact 1-800-U-ASK-SBA, 704-344-6640 or www.sba.gov.
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To discuss your needs, contact Bill Lennett, Principal, at 1-925-362-0712 or email him at
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