Fast Business Loans of the SBA

The Small Business Administration (SBA) offers express financing packages, or fast business loans, for small business owners and individuals who are in need of immediate funding but do not have the luxury of time to wait for the lengthy process that comes with regular SBA-backed loans. SBA express loans main features are efficient and speedy loan procedures for specific groups of applicants, notably active members of the US Military and the National Guard, veterans of the mentioned agencies, and borrowers from socially and economically poor communities.

While SBA still provide coverage for express loans, the glaring difference that set these type of financing apart from the speed of process is the amount SBA will be backing. While most SBA loan rates can get as much as 90% coverage, the agency only covers as much as 50% of the amount borrowed.

The SBA US Patriot Express loan program offers the fastest turnaround rate among all the loan initiatives offers the agency. Most loans get approved or rejected within the 48 hours. On top of that, Patriot Express loans program also parades low interest rates for eligible borrowers – 2.25 percent to 4.75 percent over prime, which wholly depends upon the size and maturity of the loan. Amount of the loan can range from $10,000 to $500,000.

The SBA Patriot Express Program is structured specifically to cater to individuals who fit the following profile:

• Active members of the US Military (US Army, US Navy, US Air Force, and the Marine Corps);
• A retired members of the US Military;
• Current and former members of the National Guard;
• Legitimate spouses of the active and retired US military and National Guard personnel;
• Widowed partners of members of the US military and the National Guard;

The SBA Community Express Loans are offered to people who want to set up their own ventures or expand their business yet come from poor and distressed neighborhoods in the United States. According to the SBA websites, individuals who come from Historically Underutilized Business Zones (HUBZones) and those communities declared as distressed by way of the Community Reinvestment Act (CRA) are considered eligible for the SBA Community Express Loans. People who apply for Community Express loans can borrow as much $25,000. On top of providing loan coverage, the SBA requires borrowers to undergo technical skills and financial management training before they can be considered.

SBA Express business loans are quite handy for those who are in need of immediate funds. With SBA’s coverage and easy payment schemes, these fast loans can be a great financing tool to start or expand your existing business.

To learn more about SBA fast business loans, you can go to the nearest SBA district office and get in touch with an SBA official.

Related articles

• 5 SBA Loan Myths Debunked (fitbiztools.com)
• What is the SBA? (dohertyassoc.com)
• SBA Loan Limits: Good for Small Businesses? (plusstuff.com)

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