Small Business Administration Loan Express Program Features
SBA provides 50% guarantee of credit union loan amounts for member business access to credit up to $350,000 that would not be available under traditional credit underwriting guidelines
Provides long term financing for equipment purchases, owner occupied real estate acquisition/improvement, permanent working capital, or business acquisition. This program also provides guarantees for working capital operating lines of credit
Maximum maturities of 7 years for working capital, 10 years for machinery/equipment, 25 years for real estate
Variable interest rate program tied to Prime lending rate
Member Eligibility Requirements
Must be able to demonstrate adequate cash flow for repayment, be willing to pledge business and owner personal assets, and have acceptable credit profile. Must have business deposit account at Global Credit Union. Must meet SBA eligibility requirements
Fees and Charges
Traditional Credit Union origination fee and closing costs apply. SBA charges a guarantee fee of .25% to 3% of the guarantee amount depending on the size of the loan and loan term.
