How is Export Express different from SBA Express?
Short answer
Both top out at $500,000 and the lender decides. Export Express has a higher guaranty: 90% or 75% versus 50%. It must fund export activity and has a shorter line limit (SOP 50 10 8.1, Sec. B, Chs. 2, 5).
Export Express and SBA Express share a $500,000 limit and delegated lender decisions. They differ on purpose, guaranty and line length (SOP 50 10 8.1, Sec. B, Chs. 2 and 5).
Side by side
- Purpose: Export Express must fund export development. SBA Express can fund general business needs.
- Guaranty: 90% on Export Express loans of $350,000 or less and 75% above that. 50% on SBA Express (Appendix 16).
- Line term on Export Express: 7 years. On SBA Express: 10 years, including any term-out period (Appendix 17).
- Operating history: only Export Express has a rule. It requires at least 12 full months in operation, unless the key personnel have demonstrated export expertise and the lender underwrites conventionally.
- Excluded industries: NAICS 721 and 457 for Export Express (Ch. 5, Para. A.2).
- Buying a business: not allowed on Export Express (Ch. 5, Para. A.1.c). Permitted on SBA Express under Appendix 15.
What is the same
- No collateral is required at $50,000 or less (Appendix 19).
- The lender makes the credit decision without prior SBA review.
- The variable-rate ceilings use the same spreads by loan size.
- Lenders may use their own base rate on variable-rate loans (Appendix 18).
One fee difference
The veteran fee waiver is written for SBA Express only (Sec. A, Ch. 4, Para. C.1.a).
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