SBA Express Loans For Existing Businesses:
- Need to be in business for at least 2 years
- 680 or higher credit score
- Loan amount cannot exceed $150,000
- Satisfactory SBA Score
- 10 year term / amortization
- Loan proceeds are usually used for working capital, refinancing and equipment purchases or combination thereof
- Collateral consists of a blanket lien on all business assets (most senior position available)
- No Construction
- No prepayment penalty
- Variable interest rate that will adjust quarterly based on a spread above Wall Street Journal Prime.
Typical Candidates:
- Existing companies with positive cashflow, enough to cover debt payments and the new loan payments. (To be analyzed. Depreciated expenses, Interest Expenses, and Amortized items to be added back when considering income)
- Companies looking for funding/cash for working capital, refinancing, equipment purchases, and combinations.