June 26, 2017
By Bob Coleman
Editor, Main Street Monday
Main Street Monday — SBA Export Express Issues New Lender Training Manual
While it is among the simplest loan products offered by the SBA, with streamlined credit underwriting, and forms and procedures similar to SBA Express, many SBA lenders remain unfamiliar with the unique benefits of the program.
SBA offers guaranties of 90% for loans of $350,000 or less and 75% for loans over $350,000 up to $500,000.
Loan proceeds can be used for any export development activity, which includes funds to: 1) develop foreign markets, such as participating in a trade show that takes place outside of the United States or translating product literature for use in foreign markets; 2) finance export transactions through a transactional and/or general line of credit; 3) support standby letters of credit used for performance bonds or advance payment guaranties; and 4) purchase equipment or real estate used in the production of goods and services for export purposes.
Additional information, lender training, and support is available from SBA’s Export Finance Managers who are located in 21 U.S. Export Assistance Centers throughout the country.