SBA Express Loan: Terms, Rates and Requirements

SBA Express loans offer up to $500,000 in financing and can be used for working capital, expansion or renovation, inventory, equipment, real estate and debt refinancing. Businesses can apply for an SBA Express loan through an approved SBA lender.

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To qualify for an SBA Express loan, you must meet the following SBA loan requirements:

• Meet the SBA’s definition of a small business.

• Operate a for-profit business in the United States or its territories.

• Business must be 100% owned by U.S. citizens, U.S. nationals or unconditional lawful permanent residents (LPRs).

• Demonstrate your ability to repay the loan.

• Be unable to access the desired credit from non-government sources.

You also need to meet the individual lender’s financial requirements. These can vary, but a minimum FICO score of 650, strong annual revenue and at least two years in business are typically required. You may need to put up collateral to borrow more than $50,000^[0]

The SBA also requires that borrowers who own 20% or more of the business sign a personal guarantee.

SBA Express loans are part of the SBA 7(a) program and are partially guaranteed by the U.S. Small Business Administration. Express loans are fully issued and serviced by banks and other approved lenders and don't require SBA review. That allows for faster funding than standard 7(a) loans, but it can still take 30 to 90 days for your Express loan to fund.

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Express loans have the same basic features as 7(a) loans, and you can use both for working capital, equipment financing, refinancing debt and other business needs. But Express loans differ from 7(a) loans in the following ways:

1. Evaluate your financing needs

Think about how much funding you need and how you plan to use it. Although SBA Express loans can be used for a wide variety of purposes, there are some restrictions. You can only refinance existing business debt under certain conditions, for example.

These loans are also only available in amounts up to $500,000. If you think you need more money, you’ll want to consider a large business loan alternative, like a standard SBA 7(a) loan.

2. Check your qualifications

Generally, you should have a minimum credit score of 650, strong cash flow and at least two years in business to qualify for an SBA Express loan. You’ll also have to meet the SBA’s standard eligibility criteria and demonstrate your need for financing.

You should review these business loan requirements ahead of time to get a better sense of where you stand before continuing through the loan process.

3. Compare lenders

Express loans are available through approved SBA lenders such as Chase and Citizens Bank. You'll need to apply directly with a participating financial institution to get an SBA Express loan.

The best lender for an SBA Express loan is the one that offers you the lowest interest rate. You might start your search by reaching out to a lender with which you have an existing relationship, as this institution is more likely to prioritize your application.

You should also look out for SBA Preferred Lenders, as these banks have extensive experience administering loans. Preferred Lenders can also approve credit applications without sending them to the SBA, thereby expediting the underwriting process.

Ultimately, you’ll want to shop around — and compare multiple options — to find the right fit for your company.

4. Gather documentation and apply

The SBA loan application process will vary based on the lender you choose. In general, however, you’ll need to provide some, if not all, of the following:

• SBA Form 1919, Borrower Information Form.

• SBA Form 912, Statement of Personal History.

• Personal financial statement (you can use SBA Form 413).

• SBA Form 148, Unconditional Guarantee (or the lender’s equivalent).

• Business financial statements, such as income statements, balance sheets and cash flow projections.

• Income tax returns.

• Detailed schedule of collateral.

• Existing debt schedule, if applicable.

• Business certificates or licenses.

• Loan application history.

• Resumes for each business owner.

• Business overview and history.

• Business lease.

Veteran-owned businesses will also need to include documentation to show that their company is 51% owned and operated by a veteran or their spouse in order to waive the loan’s guarantee fees^[0]

5. Wait and receive funding

Once you’ve submitted your application, the lender will review it and make a decision. Although Express loans often fund faster than other SBA financing options, it may still take several weeks to complete the entire funding process.

If you can’t qualify for an SBA Express loan, or need faster funding, you might consider the following alternatives.

• For flexible qualifications and competitive rates: If you can’t meet the strict requirements for an SBA Express loan, but still want to access competitive rates and terms, consider the SBA microloan program. SBA microloans offer up to $50,000 from nonprofit and community lenders. These lenders prioritize working with traditionally underserved businesses and can work with startups or borrowers with bad credit. SBA microlenders also tend to offer business training, coaching and other resources.

• For the fastest access to funds: If you need funding as quickly as possible, you should check out online business loans. Some online lenders can offer same-day business loans — and most provide funds within a few days. These lenders typically have lenient qualifications, but charge higher interest rates as a result.

• For specific use cases. If you’re looking specifically to purchase equipment, for example, you may find that dedicated equipment financing is a better fit for you. With these loans, the equipment itself serves as collateral — making it easier to qualify for than more traditional options. Similarly structured financing solutions for other use cases include inventory financing and invoice financing.