sba express

Understanding SBA Express Loans for Small Businesses

First Financial SBA Loan, Starting a Business, Working Capital

Talk to any successful small business owner and they’ll tell you that their accomplishments took more than just a good idea and a lot of passion.

Among other things, it takes a lot of capital. Even surefire ideas need serious funding to get off the ground.

4 Reasons to Consider an SBA Express Loan for Your Small Business

The best option for most small business owners is an SBA (Small Business Association) Express loan. Here are four reasons you should at least consider one if your small business needs some extra capital.

1. Fast Turnaround Times

Running a small business often requires a great deal of patience, so it may come as a bit of a surprise that your application for an SBA Express loan will be reviewed and decided upon within 36 hours. The typical process for reviewing commercial loans can easily take weeks, maybe even longer.

This makes SBA Express loans especially helpful for those opportunities that suddenly pop up and time is of the essence.

2. Low Interest Rates

While the interest rates charged on SBA Express loans will depend on the total amount, the current prime rate (according to The Wall Street Journal), and the lender, there is a lot of flexibility here. So not only can small business owners get the funding they need ASAP, they don’t have to worry that this important infusion of capital is going to result in burdensome payments over the years to come.

3. Working Capital deposited into Your Account and Simple Interest

SBA Express loans are working capital loans (cash) that can paid back over 10 years with simple interest. Working capital can be a great hedge against potential cash flow problems, something that almost every small business owner has to deal with at one time or another. Of course, the money can also be used for expansion or other important priorities.

4. No Personal Collateral Is Required

Another huge benefit of using an SBA Express loan is that the agency doesn’t require personal collateral to secure the funds. Aside from the obvious benefits, this is, again, another way that an SBA Express loan allows small business owners to take advantage of sudden opportunities instead of having to wait around for an appraisal to be done on their collateral.

Up to $150,000 Is Available to Your Business with an SBA Express Loan

Despite how generous the aforementioned terms and how quickly small business owners will hear back about their applications, SBA Express loans can cover substantial amounts. At First Financial, we will approve SBA Express loans for up to $150,000 and we can have that money to you within 30 days.

You’ll also enjoy a 10-year term with low monthly payments of just 2.75% above prime, giving you plenty of time to put that money to good use for your small business.

If you’re interested in this opportunity, contact us today to learn more about how an SBA Express loan can help you start a small business or fund the one you currently have.