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SBA EXPRESS LOAN - Anyone apply for one and get approved?????

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runNL8
Contributor

SBA EXPRESS LOAN - Anyone apply for one and get approved?????

Has anyone here ever applied for a SBA Community Express loan and got approved? Any tips or advice you want to share?

 

-What bank

-Required paper work & Doc's

-How was the process

-Lenght of time it took to get approved

-How soon until funds were released

-FICO score

-etc..................

Message 1 of 12
11 REPLIES 11
runNL8
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

UPDATE: Well I applied back in DEC just b4 xmas and the loan got approved last week and they finally released the funds to me yesterday. Long process, mostly just a waiting game but really simple to apply for with little documentation to provide.

 

It would have taken half the time but my application got sent to underwriting for a manual review due to some clarification on my CR and when I submitted it, it was right b4 the holidays. 

Message 2 of 12
Red1Blue
Super Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

Congrats. May I ask how much loan you applied for and how much is approved? What docs did you have to submit? What is the line of business you are in?
Message 3 of 12
runNL8
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

I applied for a SBA Community Express Loan that has a max of 25K thru Superior Fin. Group. I was approved for the max. The doc's consisted of the application & business plan. Copies of : Article of Incorporation, DL, SS card, voided business check. They never even ask for financials. They pulled EX personal and DNB. I did have to PG it but it does not report to personal unless I default. In 6mo I am eligible for additional funds if needed and my credit stays the same or gets better.

 

Successful completion of  the recommended online training  courses thru the SBA website. Once you successful complete the courses you receive a PDF format certification. You have to print these off and send them in with your loan app. I had to take 4 training classes and it literally took me 40 min total to complete everything.

 

Overall this was the easiest loan I have ever applied for and was very painless. I own a seasonal maintenance company that provides a service: landscape maintenance, irrigation and snow plowing/ice management.

 

BTW...there is a $450 loan fee for amounts of 5K-12.5K and $550 for loan amounts of 15K-25K. You only get charged the fee once the loan gets approved and the loan funds get transferred into your checking account, then they ACH debit the fee.

Message 4 of 12
runNL8
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????


@runNL8 wrote:

I applied for a SBA Community Express Loan that has a max of 25K thru Superior Fin. Group. I was approved for the max. The doc's consisted of the application & business plan. Copies of : Article of Incorporation, DL, SS card, voided business check. They never even ask for financials. They pulled EX personal and DNB. I did have to PG it but it does not report to personal unless I default. In 6mo I am eligible for additional funds if needed and my credit stays the same or gets better.

 

Successful completion of  the recommended online training  courses thru the SBA website. Once you successful complete the courses you receive a PDF format certification. You have to print these off and send them in with your loan app. I had to take 4 training classes and it literally took me 40 min total to complete everything.

 

Overall this was the easiest loan I have ever applied for and was very painless. I own a seasonal maintenance company that provides a service: landscape maintenance, irrigation and snow plowing/ice management.

 

BTW...there is a $450 loan fee for amounts of 5K-12.5K and $550 for loan amounts of 15K-25K. You only get charged the fee once the loan gets approved and the loan funds get transferred into your checking account, then they ACH debit the fee.


 

A few weeks before I applied for a SBA ARC Loan, what a nightmare that was!!!!!!!!!!! Very few banks were participating in this loan and if you found one that was you had to jump thru a million hoops for them to even consider your app. I met ALL the criteria that the SBA has for guidelines and I still couldn't get the loan. Search SBA ARC loan if you curious to learn more........
Message 5 of 12
egold1234
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

I applied for a SBA Express loan in December, they wanted a ton of finacials, buisness plans, etc. I applied through a local credit union who has decided to just withdraw the applicaiton because they are taking too long, and requiring finacials and documents I don't even have. The loan officer said I would have been approved with their in-house loan but tried for the SBA loan because their rates would have been about 2% lower than what they could offer. I'm applying for 50k. Will update if and when I ever get approved.
Message 6 of 12
Anonymous
Not applicable

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

Sounds like individual lenders still get to apply their own approval criteria, some being more conservative (CU) than others.  This makes since with CU's since they tend to hold their own loans and not resell them for points.  Lenders who resell or factor notes tend to go with minimum requirements then selling off.

 

 

Message 7 of 12
egold1234
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

$50k SBA Express approved today by the lender, submitted to SBA Express and should have a decesion within 36hours!!
Message 8 of 12
runNL8
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

Congrats!!!!!!!!! Keep us updated........So is this with the credit union or a different bank?
Message 9 of 12
egold1234
Contributor

Re: SBA EXPRESS LOAN - Anyone apply for one and get approved?????

This was with the local credit union. Its a 10% intrest rate (My Fico is 668), I will have to put up 10k as collateral in a CD which pays 2.00% so that isn't terrible compared to other banks. The total fees due on the loan however are 1100. They enrolled me also in another program that is supposed to guarntee 30% of the loan, then I believe SBA express guarntees anohter 40%. They gave me 60mos of payments but I hope to have it paid off in half that. I'm going to save a fortune in intrest rates by paying off all my credit cards (29.99%!!)
Message 10 of 12
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