SBA Express Loan Program For start-ups, the following criteria applies:
- Minimum 730 FICO Score
- 10% injection requirement (Must have 10% of the loan amount to put into use, to show commitment)
- Post close liquidity of at least 25% of the loan amount. Working capital loan proceeds can be included in the liquidity calculation.
- Net Worth equal to or greater than the loan amount
- 10 year term / amortization
- Collateral consists of a blanket lien on all business assets
- No construction
- No prepayment penalty
- Variable interest rate that will adjust quarterly based on a spread above Wall Street Journal Prime.
Example of Possible Candidates:
- Brand New Companies
- Companies In Business For Less Than Two Years
- Businesses such as new franchises, restaurants, plumbers, landscapers, etc. Any type of business EXCLUDING Construction. (ex: to flip homes, to renovate to lease out building. It must be an operating company.
Other Information
- Rates are variable. Fees may apply.