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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..................
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.
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.
@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........
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.