SBA Hot Topic Tuesday — Become an SBA Express Lender to Help Your Customers Before the Disaster Hits
June 19, 2018
By Bob Coleman
Editor, SBA Hot Topic Tuesday
SBA Hot Topic Tuesday — Become an SBA Express Lender to Help Your Customers Before the Disaster Hits
You need to be signed up as an SBA Express Lender on the date of the disaster. So, get the paperwork done now if you wish to be in a position to help your customers if a disaster strikes them.
Here are the program highlights
The maximum gross loan amount under the EBL Pilot Program is $25,000, and the EBL loan will carry a maximum 50 percent guaranty from the Agency.
EBL loans can only be made by SBA Express Lenders that had a valid Supplemental Loan Guaranty Agreement SBA Express Program (SBA Form 2424) in effect as of the date of the applicable disaster.
Eligible small businesses are those that were located, as of the date of the applicable disaster, in the Primary Counties that have been Presidentially-declared as disaster areas, plus any Contiguous Counties. The small business must have been operational when the declared disaster commenced, and must meet all other 7(a) loan eligibility requirements.
SBA Express Lenders may make loans under the EBL Pilot Program only to eligible small businesses that had an existing banking relationship with the SBA Express Lender as of the date of the applicable disaster.