Fast Export Loans

The Small Business Administration took the wraps off a new loan program aimed at helping small firms that need export financing.

Known as SBA Export Express, the program allows participating lenders to turn around loan applications in as little as 36 hours. SBA will guarantee up to 80% on loans of $100,000 or less and up to 75% on larger loans, with the maximum loan amount capped at $150,000.

While the loan amounts are much smaller than existing SBA export programs, the terms are much more flexible. The proceeds may be used to finance standby letters of credit, revolving lines of credit and term loans for expansions, equipment purchases, inventory and real estate transactions.

For more information, visit the SBA Web site at https://www.sba.gov/oit or call the SBA Answer Desk at (800) 827-5722.