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SBA Express Bridge Loan Program

  • March 30, 2020 The Small Business Administration (SBA) has a program to permit small businesses with existing relationships with an SBA express leader to obtain up to $25,000 with less paperwork. Known as the Express Bridge Loan Pilot Program it can sustain a small business with a temporary loss of revenue until longer term financing can be secured. Terms of these loans are as follows: · Loan amounts up to $25,000 · A quicker turnaround from loan application to loan approval · Can be repaid in full or in part by proceeds from an Economic Injury Disaster Loan (EIDL) · Applicants must demonstrate the need for this “bridge” funding · Credit not available elsewhere · Applicant may only obtain one loan during a disaster declaration · Lenders are not required to accept collateral for these loans The Express Bridge Loan program is scheduled to be in effect until March 13th 2021 if your business has been impacted by COVID-19. For the COVID-19 Emergency, small businesses located in any state, territory and the District of Columbia that have been adversely impacted by the COVID19 emergency will be eligible to apply. The Small Business must have been in operation when the National Disaster was declared and comply with other SBA loan requirements. Lenders will consider the following criteria when reviewing applications: 1. FICO Small Business Scoring Service Score (SBSS Score) 2. Personal Credit Store 3. IRS Tax Transcripts 4. Existing banking Transcripts For more information on SBA Express Bridge Loans please go to:
  • https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide Robert Johnson President, ADKL LLC