SBA Express loans either have fixed-rate financing or variable interest rates, depending on the terms you settle on with your lender.
The less you borrow, the higher your interest rate, but it can't go above 6.5% over the prime rate (the base interest rate that banks determine for corporate loans).
Your lender may require collateral for loans over $25,000. Most SBA Express Loans can be approved within 36 hours.
The length of your term will depend on the amount you borrow and what you're doing with the money. A real estate purchase will give you the longest term loan of twenty-five years. Short-term loans are up to seven years for a line of credit and five to 10 years for working capital.
SBA Export Express Loans can get you up to $500,000 and are intended to help your small business start or expand the export of your products. These loans have a higher SBA safety net, with a 90% guaranty for loans under $350,000 and a 75% guaranty for loans greater than $350,000.
Like the SBA Express Loans, you can use your Export Express Loan for working capital, as a line of credit, or to purchase commercial real estate properties.
Terms and interest rates for Export Express Loans are also similar to those of SBA Express Loans. The more you borrow, the longer your term and the lower your interest rate, with no rates over 6.5% above the prime rate.
Export Express Loans typically have a slightly faster approval rate than standard SBA loans, with a 24-hour turnaround.