Following a temporary increase, the limit on SBA EXPRESS loans/lines of credit has reverted to $350,000 effective October 1, 2011. The EXPRESS program is an excellent tool for businesses that need short term working capital financing, and it continues to offer lenders the opportunity to provide credit on either a term or revolving basis. In addition, the EXPRESS program gives lenders the benefit of receiving a lower guaranty percentage (50%), coupled with a limited application and quick turnaround time.
SBA has now released an updated Standard Operating Procedure that reflects the limit change to $350,000 from its previous $1,000,000 ceiling. We estimate that the Agency will issue updated SOPs for the EXPRESS program approximately every 6 months. As always, we will familiarize ourselves with any and all procedural changes, and we will be happy to provide all our clients with details as they become available and applicable.
Please contact your Holtmeyer & Monson representative with any questions or to request further details.
October 25 – 27
Booth #65
Hyatt Regency Huntington Beach Resort
Huntington Beach, CA
