SBA Community Express Loan Program

No Upfront Fees - Only $750 Total!

Do you need quick approval of a $5,000 to $25,000 unsecured loan for a business startup or for working capital for an existing business?  If you do, we can help you get it with no upfront fees--you pay nothing until you are preapproved by our SBA-preferred lender and your loan payment will be included in the budget we model for you!

Other banks may not be lending now but we have an established relationship with an SBA-preferred lender bank who is lending.  There are basically two SBA requirements and if you meet these you have an excellent chance of getting the money you need:

·         Unblemished credit

·         Your business is not on the ineligible list

How are we different?  There are no upfront fees!  You get preapproved by the SBA lender before you pay us anything.  At that point, we only require a $250 deposit to get you through the remainder of the process, which includes:

• You complete the loan application, which can be downloaded from our website.
• The completed loan documents are returned to us via e-mail or fax (one of the documents does require a signature).
• Once the loan is approved, a commitment letter is issued and closing documents are sent.
• A signed commitment letter and closing documents are returned to the Community Express Loan division.
• Funding occurs after the Community Express Loan division receives the business plan, a requirement for funding, which we will prepare for you.  Prior to giving them your business plan, final payment of $500 is required. 
• Your funding is then released.

Who is Eligible?

Potential Borrowers Include:

• Loan is fully amortized with no access fees per transaction
• Automated process provides fast turn-around time

Ø  Loan amounts of $5,000 to $50,000

Ø  7 year term – Fully Amortized

Ø  Unsecured – no collateral required

Ø  Variable Interest Rate based on Wall Street Journal Prime, adjusted quarterly:

§  Loans of $5,000 - $25,000 at Prime +4.75%

§  Loans of $25,001 - $50,000 at Prime +3.75%

Ø  $425 Loan packaging fee – deducted from the loan proceeds

Ø  SBA Guaranty fee of 2% of the guaranteed portion (85%) of the loan will be deducted from the loan proceeds

Ø  Loan payments automatically drafted from the business checking account at their established financial institution

Ø  No prepayment penalty – 21-day payoff notification required

Eligibility Requirements:

• All SBA eligible industries considered
• Start-up businesses allowed
• Loan proceeds for business acquisition not allowed
• Working capital loans to businesses after acquisition has been fully completed are permitted
• Franchise must be on the SBA approved Franchise Registry www.franchiseregistry.com
• Liquid assets of individual owner cannot exceed $100,000 – does not include IRA and other qualifying Retirement Accounts
• No tax return required
• Utilizes Fair Isaac Credit Score System, which evaluates credit score of the applicant and industry data including current and recent past due accounts; collection accounts have a very negative effect on the applicant's credit score and loan decision

Ineligible Businesses:

• Investment Real Estate – apartments, rental housing or multi-tenant buildings
• Speculative Real Estate
• Agricultural and farm businesses (growing crops or animals)
• Fishing and Shore operations
• Medical facilities (including nursing homes and assisted living facilities)
• Mines (including sand and gravel pits)
• Applicants doing business in foreign countries
• Businesses engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting
• A business with any products or services of a sexual nature
• A business that is engaged in lending (with the exception of Mortgage Brokers)
• A business that is engaged in gambling

Ready to get the preapproval process started?  Download the fill-in application here and return it to us when you have completed it:

Via e-mail to vbraun@accesstofunding.org; or

Via fax to 970-434-2889

We are happy to answer any questions you might have and we look forward to working with you!