The SBA Express Loan is perfect when you need funding quickly. Uses for this loan include:
This loan cannot be used for the following:
Businesses must demonstrate their ability to operate for a profit and cover their day-to-day operating expenses. The business owner(s) must also show that they have invested a significant amount of their own capital in the business and have good FICO>® scores and payment history.
The SBA defines additional the eligibility criteria, including the following:
Some businesses may not qualify for an SBA Express Loan, and you can read more about ineligible businesses here.
"When we first started working with Wasatch Peaks, we loved how home town they felt. It’s important for us to be with someone local and part of the community. They’re also very personable and easy to work with. We enjoy working with Wasatch Peaks."
- Ryan Spelts, Connection Publishing
You probably have a few questions, and we have some answers. Here are the most frequently asked questions about SBA Express Loans:
The loan limit for an SBA Express Loan is $350,000 in either a line of credit or a term loan.
SBA loans are approved by the lender using SBA eligibility criteria requirements (covered above) as some of the many factors going into the consideration process. Our business loan officers also look at applicants’ credit scores using the FICO® Small Business Scoring Service® product (SBSS) and the businesses’ ability to generate profit and pay their operating expenses.
With the SBA Express Loan, loan terms go up to seven years.
As you’d expect, you need to present business records and documents to qualify for the loan. The good news is that the SBA Express Loan has a streamlined application, so you’ll need far fewer documents than with other business loans. Typically, borrowers will need:
At Wasatch Peaks CU, our SBA loans come with our long-standing commitment to local businesses in the Davis, Morgan, and Weber counties. We have financial advisors experienced in a diverse range of businesses and industries, and they’re ready to help your business secure funding.