Borrowers wanting an unsecured business loan should consider the SBA Express Loan. While some lenders represent the SBA Express Loan as being a secured loan requiring collateral (1), the initial amount – up to $12,500 for business startup loans and up to $25,000 for a working capital loan to expand an existing business – is exempt from collateral. Therefore, SBA Express Loans can be used as small unsecured business loans, in general, and unsecured veterans loans, unsecured minority loans and unsecured business loans for women, in particular!
A streamlined version of the popular SBA 7a Loan, the SBA Express Loan program – whether the Patriot Express Loan (for veterans or transitioning military personnel and/or their spouses) (2), (3) or the Community Express Loan (for civilians) – is generally easier to qualify for, as well as quicker to close and fund, than an SBA 7a Loan.
Interested borrowers should go through our lending partner’s easy online pre-qualifying process, after which you’ll learn instantly how much you are conditionally qualified for.
Within 24 to 48 hours, a loan coordinator from our partner (a specialist in the small, unsecured SBA Express Loan program for veterans and civilians alike) will get in touch with you to help you complete the process. They even provide the financial training course required by the SBA, free of charge to you and/or your spouse. Funding generally occurs within 30 days or less. (4)
Note:
(1) Any financing in excess of these amounts (up to $12,500 for new businesses and up to $25,000 for existing ones) up to $450,000 – the maximum loan amount for anSBA Express Loan – requires collateral as security.
(2) The Patriot Express Program (PEP) is essentially the same as the Community Express Program (CEP), except that A) Veterans and Transitioning Military Personnel are given extra consideration in qualifying, and B) the PEP calls for additional qualifying (military) documents.
(3) Borrowers use the same qualifying procedure for the SBA Express Program, whether applying for the PEP or CEP, as it allows those applying for the PEP to claim extra qualifying credit for their military service.
(4) When talking with our SBA Express Loan partner for the first time, please let them know you were referred by UnBankableCommericalLoans.com, by mentioning the referral code, ‘UCL’. (Thank you.)