What Is the SBA Export Express Loan Program?
SBA Export Express Loan Program – Enhancing Your Company's Export Development
The SBA Export Express loan program offers quick-approval loans to established businesses that want to start exporting or that need funds for export activities. The Small Business Administration's streamlined application process results in approval or disapproval in 36 hours or less.
Export Express funds can be used for any activities that support export activities, like trade show participation. Financing may take the form of a line of credit or term loan. The SBA guarantees 90% for proceeds of up to $350,000 and 75% for loans of up to $500,000. The maximum loan amount is $500,000.
Applicants have to go to their existing lenders to get funding through SBA Export Express. The lender must be approved to issue financing under the program. When approved, the lender submits information about the borrower to the SBA. Eligible businesses must have been in operation for one year. This requirement may be waived if the company's leadership has sufficient export expertise and if the lender uses underwriting procedures in its approval process.