Applying for the SBA Express Loan Program Online

The SBA Express Loan program is a program sponsored by the Small Business Administration (SBA) to help small business obtain loans in a faster and easier way. The SBA Express Loan program involves less paperwork and a quicker turnaround time than other SBA loans. It is possible to apply for the loan program online and knowing about the workings of the SBA Express Loan program as well as how to apply online will make your application process even easier.

Details of the SBA Express Loan Program

The maximum amount that you may receive from an SBA Express Loan is $350,000. You may use these proceeds in a number of various ways including to purchase land for a new building, fix an existing building, or purchase new machinery, furniture or equipment. You may not use the funds for anything that will not help the future of your business in a veritable way.

Finding a Lender

The first thing to do when you decide that you want to apply online for the SBA Express Loan program is to look for a lender. While the SBA guaranties every SBA Express Loan, they do not provide the funds; rather, a third-party lender, typically a bank, will actually provide the funds. You will work a lot with the lender so on top of wanting a strong loan provider, you want a lender that you trust and can easily work with. The best way to look for a lender is to browse the websites of different banks. Banks of varying sizes and statures act as lenders for SBA loans so check local banks as well as national or even international banks. The lender is also responsible for setting the interest rate on your loan, within the framework of the SBA's maximum interest rate rules. So, as you can see, not all lenders are the same and it is important to shop around in order to find the best one for you and your small business.

The Application Process

To apply online for the SBA Express Loan program you will need to go to the lender's website and do it directly through the website. The application process will contain some SBA forms as well as lender-specific forms. These forms will ask you about your business's history and financial history, future plans and how you would plan to use the money from a loan.