How long can an SBA Express line of credit last?
Short answer
An SBA Express line of credit can run up to 10 years, including any term-out period (SOP 50 10 8.1, Appendix 17, Para. B.3). Lenders may set shorter terms within that cap, and terms vary by lender.
An SBA Express line of creditA credit limit you can draw on, repay and draw on again. can run up to 10 years, including any term-out period. Appendix 17, Para. B.3 of SOP 50 10 8.1 sets that limit, and SBA's lender page repeats it.
The cap covers the whole life of the line
The limit includes both the draw period and the repayment period that follows. SBA calls that repayment period the term-out. A line cannot revolve for the full limit and then start to amortize.
Every 7(a) loan must have a stated maturity. SBA also requires the shortest appropriate term based on the use of proceeds and the borrower's ability to repay (Appendix 17, Para. A; 13 CFR 120.212). Your line may be set for less than the maximum.
Term varies by lender
SBA sets the outer limit. The lender chooses the structure within it. Ask each lender for:
- The total maturity.
- The length of the draw period.
- When amortizing payments begin.
- Whether the line renews each year.
Two related limits
- Term loans made under SBA Express follow different rules, based on the use of proceeds (Appendix 17, Para. A).
- Export Express lines have a shorter limit of 7 years (Appendix 17, Para. B.6).
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