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Home / Answers / CAPLines and export / Can an EWCP loan finance sales to a U.S. company that exports?

Can an EWCP loan finance sales to a U.S. company that exports?

Janover Capital editorial team · Checked November 9, 2026

Short answer

Yes. SBA treats those as Indirect Exports, which are eligible Export Transactions. Your U.S. customer must document that the goods or services are in fact being exported (SOP 50 10 8.1, Appendix 3; Appendix 20, Para. B.7).

Yes. If your direct customer is in the United States but will export what it buys from you, SBA calls that an Indirect Export. Export Transactions include Indirect Exports (SOP 50 10 8.1, Appendix 3).

What you must document

Your U.S. customer must document that the goods or services are in fact being exported (Appendix 3). A letter, invoice, order or contract is typical. Under Appendix 20, Para. B.7, the customer must certify it will sell the goods or services to a foreign buyer.

How the receivables are treated

An asset-based Export Working CapitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition Program (EWCP) borrowing base excludes a receivable from a U.S. company, unless SBA approved the transaction as an indirect export (Sec. B, Ch. 5, Para. B.8).

The country check

The lender must review Ex-Im Bank's Country Limitation Schedule and the Office of Foreign Assets Control (OFAC) sanctions lists. A receivable is not eligible if you know the goods will be re-exported to a country SBA cannot do business with (Para. B.8).

Other export programs

Export Express can also finance specific export transactions, including indirect exports (Para. A.1.d). International Trade loans count indirect exports as well (Policy Notice 5000-877629, p. 3).

Ask your lender how it documents indirect sales. Requirements beyond SBA's minimums vary by lender.

Sources

  1. SOP 50 10 8.1, Appendix 3, Export Transaction and Indirect Export (about pp. 299-300)
  2. SOP 50 10 8.1, Appendix 20, Para. B.7 (Para. B begins p. 419)
  3. SOP 50 10 8.1, Sec. B, Ch. 5, Para. B.8 (Para. B begins p. 175)
  4. SBA Policy Notice 5000-877629, International Trade Loan updates (effective May 1, 2026)

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