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Last updated on Jan 11, 2023
4 min read

SBA Express Loans Terms

What Are SBA Express Loan Terms?

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In this article:
  1. Loan Amounts
  2. Financing Timelines
  3. Loan Terms
  4. Interest Rates
  5. Requirements for an SBA Express loan
  6. Current SBA Rates, Compared
  7. Smaller Guarantees
  8. Comparing SBA Express and SBA 7(a) Loans
  9. Get Financing

An SBA Express loan carries loan terms similar to those of the standard SBA 7(a) loan, but with a few key differences. This piece dives into the higher-level terms of SBA Express loans, offering a table to compare these rapidly closing loans with other SBA financing.

Loan Amounts

SBA Express loans have a lot going for them, but their main drawback is the amount of funding they can provide. These loans are capped at $350,000, significantly less than the SBA 7(a) program's $5 million maximum.

Financing Timelines

SBA Express loans are very, very fast. Expect a determination on your application within three days, maximum. And after that, funds will typically be dispersed in as few as 20 days.

The SBA 7(a) loan, on the other hand, takes a bit longer. Approvals take up to two weeks, generally speaking, and fund dispersal can take up to a month and a half following an approval.

Loan Terms

SBA Express loans offer terms up to 25 years if the financing is for real estate. Otherwise, five to 10 years is the norm, with seven-year maximums for lines of credit.

Interest Rates

Variable interest rates for SBA Express loans cap at the WSJ Prime Rate plus 4.5% for loans of more than $50,000. Smaller loans max out at the WSJ Prime plus 6.5%.

Fixed-rate financing is also available, but it is less common. For loans in excess of $250,000, expect a rate 5% above the WSJ Prime. For loans between $50,000 and $250,000, the fixed interest rate will be 6% above, with further increases for even smaller loans.

Current SBA Express Interest Rates →

Requirements for an SBA Express loan

SBA Express loans are a great way for small businesses to get funding easily. To qualify, businesses must meet the eligibility requirements determined by the SBA 7(a) program. These requirements include operating for profit in the USA, having been in operation for at least two years, meeting SBA size standards, and having already looked for alternative funding. Furthermore, there must be no delinquencies or debt obligations to the US government. Certain businesses may be ineligible, and borrowers must have good character and a credit score of 600-650 to be approved. Additional documents, such as a personal history statement and financial projections, may be required. If approved, the funds will be disbursed within 90 days and a guaranty fee will be required.

Learn more about SBA Express Loan Requirements →

Current SBA Rates, Compared

Take a look at the differences between live SBA loan rates below.

Smaller Guarantees

A key difference between SBA Express and SBA 7(a) loans is the percent of the loan the Small Business Administration guarantees.

For an SBA Express loan, the SBA will guarantee 50%, regardless of amount. Compare this to most other types of SBA 7(a) loans, where the Small Business Administration backs 75% for amounts above $150,000, and 85% for smaller loans.

Comparing SBA Express and SBA 7(a) Loans

The table below compares some of the key elements of SBA Express loans with those of the wider SBA 7(a) loan program.

SBA Express Loan

SBA 7(a) Loan

Maximum Loan Amount

$350,000

$5 million

Max. Variable Interest Rates

WSJ Prime plus 4.5% to 6.5%, based on the loan amount.

WSJ Prime plus 2.25% to 4.75%, depending on loan amount and term.

Max. Fixed Interest Rates

WSJ Prime plus 5% to 8%, based on the loan amount.

WSJ Prime plus 5% to 8%, based on the loan amount.

Term Length

Up to 25 years for real estate.
⁠
⁠Otherwise between five and 10 years (or seven years for lines of credit).

Up to 25 years for real estate.
⁠
⁠Up to 10 years for equipment, working capital, or inventory loans.

Application Turnaround Time

Two to three days.

10 to 14 days.

Fund Dispersal Time

20 to 30 days after approval.

30 to 45 days after approval.

SBA Guarantee

50% of the loan amount.

75% to 85% of the loan amount.

Collateral

Lenders may use their existing collateral policies for amounts above $25,000.

Lenders are required to collateralize loans above $350,000 using fixed assets and potentially trading assets.

Need more information to find out what loan suits your small business's needs best? Reach out to us by filling your details into the form below. We'll be in touch right away.

In this article:
  1. Loan Amounts
  2. Financing Timelines
  3. Loan Terms
  4. Interest Rates
  5. Requirements for an SBA Express loan
  6. Current SBA Rates, Compared
  7. Smaller Guarantees
  8. Comparing SBA Express and SBA 7(a) Loans
  9. Get Financing

Getting a small business loan should be easy.⁠ Now it is.

Click below for a free, no obligation quote and to learn more about your loan options.

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SBA Express Loans is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

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