{"id":20564,"date":"2011-04-13T19:26:01","date_gmt":"2011-04-14T02:26:01","guid":{"rendered":"http:\/\/spiken.wpengine.com\/news\/streamlining-the-small-loan-process-through-the-small-business-association-calvin-goings\/"},"modified":"2016-10-22T01:50:33","modified_gmt":"2016-10-22T08:50:33","slug":"streamlining-the-small-loan-process-through-the-small-business-association-calvin-goings","status":"publish","type":"post","link":"https:\/\/www.kentreporter.com\/business\/streamlining-the-small-loan-process-through-the-small-business-association-calvin-goings\/","title":{"rendered":"Streamlining the small loan process through the Small Business Association | Calvin Goings"},"content":{"rendered":"

The U.S. Small Business Administration\u2019s<\/a> popular 7(a) Loan Guaranty Program guarantees loans of up to $5 million.\u00a0 Many small businesses in Kent, however, need much less than that for most business purposes, so the SBA has developed a program specifically to make smaller loans more easily available.<\/p>\n<\/p>\n

The program, SBAExpress loan<\/a>, has a maximum loan size of $350,000 with a streamlined process that usually results in a completed process within 36 hours.<\/p>\n<\/p>\n

The streamlined process, one of the many advantages of the SBAExpress loan for both lenders and borrowers, is made possible by the agreements with qualified lenders authorizing them to make credit and eligibility determinations without direct SBA involvement.\u00a0 The program allows lenders to apply for 7(a) loans using their own forms and processes instead of the SBA\u2019s official paperwork.<\/p>\n<\/p>\n

Adding to the popularity of the SBAExpress is the fact that lenders are not required to take collateral for loans under $25,000, and may use their own collateral policy on loans over $25,000 and up to $150,000.\u00a0 For larger loans, SBA\u2019s general collateral policy applies.<\/p>\n<\/p>\n

SBAExpress loans can be used by small businesses in Kent:<\/p>\n<\/p>\n