Latest news with #SBAExpress
Yahoo
01-07-2025
- Business
- Yahoo
John Marshall Bank Announces Expanded Support for Small Businesses through SBA Express Loan Program
RESTON, Va., July 01, 2025--(BUSINESS WIRE)--John Marshall Bank ("JMB" or the "Bank"), subsidiary of John Marshall Bancorp, Inc. (the "Company") (Nasdaq: JMSB), is proud to announce that, as part of its growing partnership with the US Small Business Administration (SBA), the Bank has added the SBA Express product suite to further support small businesses throughout the DC Metro area. A subset of SBA 7(a) Loans, SBA Express features an easy application process and allows small businesses quicker access to the funds they need to operate and succeed. SBA Express loans and lines of credit have a maximum loan amount of $500,000 and provide the Bank with the authority to make loan decisions, including processing, closing, servicing, and more. This lower threshold and expedited process appeals to a broad audience of small business owners looking for the advantages of SBA financing. In tandem with the Bank's Preferred Lender Status, the Bank has proven capability of providing smart and effective financing options to small businesses. "SBA Express gives small businesses greater access to funding to help facilitate their growth and fulfill their goals," stated Jason McDonough, EVP, Chief Lending Officer. "Along with benefitting from the expedited timeframe that SBA Express allows, our small business clients will receive the Bank's full suite of business banking services, financial products, and the partnership of our dedicated and responsive small business banking team." Along with SBA Express, the Bank offers standard SBA 7(a) loans, SBA 7(a) Small loans, SBA 504 loans, all of which are enhanced with the Bank's Preferred Lender Status, and other unique financing solutions for its small business clients. Beyond lending, the Bank has access to additional resources, educational materials, and workshops, provided by the SBA to further assist small business owners in utilizing their SBA loans. The Bank remains dedicated to the growth of its small business clients well past their loan closings extending through an ongoing partnership. For small businesses banking with John Marshall Bank, an SBA loan is just the beginning of a long-term financial relationship rooted in safety and soundness and dedicated to helping businesses move forward. To apply for an SBA express loan, standard 7(a) loan, or any other type of SBA loan through John Marshall Bank, reach out to businessbanking@ About John Marshall Bancorp, Inc.: John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers' financial goals. Dedicated Relationship Managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies and Title Companies. Learn more at View source version on Contacts Jason R. McDonoughEVP, Chief Lending Officer703-584-0840 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
01-07-2025
- Business
- Business Wire
John Marshall Bank Announces Expanded Support for Small Businesses through SBA Express Loan Program
RESTON, Va.--(BUSINESS WIRE)--John Marshall Bank ('JMB' or the 'Bank'), subsidiary of John Marshall Bancorp, Inc. (the 'Company') (Nasdaq: JMSB), is proud to announce that, as part of its growing partnership with the US Small Business Administration (SBA), the Bank has added the SBA Express product suite to further support small businesses throughout the DC Metro area. A subset of SBA 7(a) Loans, SBA Express features an easy application process and allows small businesses quicker access to the funds they need to operate and succeed. John Marshall Bank has added the SBA Express product suite to further support small businesses throughout the DC Metro area which gives small businesses greater access to funding to help facilitate their growth and fulfill their goals. Share SBA Express loans and lines of credit have a maximum loan amount of $500,000 and provide the Bank with the authority to make loan decisions, including processing, closing, servicing, and more. This lower threshold and expedited process appeals to a broad audience of small business owners looking for the advantages of SBA financing. In tandem with the Bank's Preferred Lender Status, the Bank has proven capability of providing smart and effective financing options to small businesses. 'SBA Express gives small businesses greater access to funding to help facilitate their growth and fulfill their goals,' stated Jason McDonough, EVP, Chief Lending Officer. 'Along with benefitting from the expedited timeframe that SBA Express allows, our small business clients will receive the Bank's full suite of business banking services, financial products, and the partnership of our dedicated and responsive small business banking team.' Along with SBA Express, the Bank offers standard SBA 7(a) loans, SBA 7(a) Small loans, SBA 504 loans, all of which are enhanced with the Bank's Preferred Lender Status, and other unique financing solutions for its small business clients. Beyond lending, the Bank has access to additional resources, educational materials, and workshops, provided by the SBA to further assist small business owners in utilizing their SBA loans. The Bank remains dedicated to the growth of its small business clients well past their loan closings extending through an ongoing partnership. For small businesses banking with John Marshall Bank, an SBA loan is just the beginning of a long-term financial relationship rooted in safety and soundness and dedicated to helping businesses move forward. To apply for an SBA express loan, standard 7(a) loan, or any other type of SBA loan through John Marshall Bank, reach out to businessbanking@ About John Marshall Bancorp, Inc.: John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers' financial goals. Dedicated Relationship Managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies and Title Companies. Learn more at
Yahoo
21-05-2025
- Business
- Yahoo
SBA Express loan: What it is and how to apply
SBA Express and Export Express loans offer loans of $500,000 or less. Express loans don't need SBA review, speeding up the approval process. Lender requirements can vary from lender to lender, so you may want to compare multiple lenders before making a decision. The Small Business Administration (SBA) offers loan programs to fund small businesses nationwide. They often have lower rates than many alternative lenders and even some banks, but they can take weeks or months to fund. The Express loan program helps to significantly shorten the waiting time. Unlike with other SBA loans, lenders don't have to get direct SBA approval for Express loans, which can significantly speed up the lending process. If your business needs a fast loan but wants to avoid the higher cost of working with an online or alternative lender, the Express loan program is worth considering. An SBA Express loan is a type of 7(a) loan with amounts up to $500,000. Unlike other loans offered through the 7(a) program, Express loans do not require direct SBA approval, which allows lenders to follow their own underwriting process, in exchange for a smaller SBA guarantee amount. This allows Express loans to be processed faster than other SBA loans. They can be funded within a few weeks. Funding can be used for working capital, expansion, equipment and debt refinancing. Both SBA Express loans and SBA Export Express loans fall under the larger 7(a) loan program. They allow businesses to borrow the same amounts for similar rates and terms — but Export Express loans have larger SBA guarantees and are meant specifically for businesses that export products. Loan amounts Interest rates Loan terms Maximum SBA guarantee SBA Express loan $500,000 10.5% to 14% Up to 10 years for term loans or lines of credit; 25 years for property purchases or improvements 50% SBA Export Express loan $500,000 10.5% to 14% Up to 10 years for term loans, up to 7 years for lines of credit 90% for loans of $350,000 or less75% for loans over $350,000 An SBA Express loan is similar to a standard 7(a) loan. While your business is limited to just $500,000 rather than the usual $5 million, the streamlined SBA approval time makes it ideal if your business needs faster funding. And like 7(a) loans, interest rates can be variable or fixed based on the Prime rate plus a percentage. Rates are currently between 10.50 percent and 14.00 percent. Exact rates vary depending on the amount of the loan and the type of interest rate charged. The Export Express loan is slightly different. They are only available for businesses that export products outside the U.S. So, while your business will have access to similar terms as an Express loan or 7(a) loan, it must meet the additional requirement of being involved in exports. Like the Express loan, the lender doesn't need direct SBA approval and can use their usual processes for approving the loan. Since the SBA Express loan program falls under the 7(a) loan program, your business must meet the same minimum requirements to qualify. For-profit. Businesses must operate for profit in the U.S. or U.S. size. The business must be defined as a small business, outlined in the SBA size requirements by industry. Other funding. Your business must have already applied for other loans and used other business or personal assets to qualify. Collateral. The SBA doesn't require lenders to take collateral for loans of $50,000 or less. For higher loan amounts, lenders can use their usual policies for collateral, but can't disapprove a loan due to lack of requirements — like minimum annual revenue, time in business and credit score — will depend on the lender you work with. In most cases, you will need to provide proof of steady cash flow and have a personal or business credit score in the good to excellent range. SBA Express and Export Express loans are some of the faster options on the market for SBA loans. Yet they can still be difficult to qualify for and limit how much your business can borrow. Response time. Lenders don't need the SBA to directly review the loan before approval. They are free to approve the loan using their usual processes, often leading to approvals that take a few weeks or less. This is significantly quicker than the weeks or months it can take to be approved for a standard 7(a) or 504 loan. Long loan terms. SBA Express loans offer line of credit terms of seven to 10 years, and term loan terms up to 10 years. Variety of lender options. The SBA provides Express loans through a variety of lenders, including large banks and online lenders that work in the alternative finance space. Smaller loan amounts. Express and Export Express loans can be approved quickly, but if your financing needs exceed $500,000, you'll have to look elsewhere. Down payment required. Your business may need to make a down payment if you are borrowing more than $50,000. The amount and whether or not a down payment is required is up to lender policy. The application process for SBA Express loans is similar to any other business loan. You will need to determine your business's funding needs, check your eligibility and compare lenders before applying. Determine your business's needs. Express loans are significantly smaller than other SBA loans, but many small businesses will benefit from loans of $500,000 or less. If you need more funding, you will need to consider a different loan option. Check your eligibility. You will meet the SBA's small business size standards and operate for profit, along with other SBA and lender requirements to qualify for an Express loan. Reach out to the lender to find out their eligibility requirements for these loans. Fill out SBA Form 1919. In addition to other documentation, you will need to complete Form 1919. This form requests information about your business and personal information about each owner. Compare at least three lenders. Because of the wide variety of lenders that work with the SBA, you should compare three or more lenders before you apply. The SBA Lender Match tool can help you find a lender that fits your business. Apply and submit documentation. Next, you will need to apply for the loan and submit supporting documents that show your business's finances, assets and how it will utilize the funding. Receive a loan decision. You should receive an approval decision from the lender within a few weeks, based on the lender's usual timeline for processing loans. The SBA requires business owners to exhaust other forms of financing before they can qualify for any 7(a) loan, including Express and Export Express loans. If an Express loan isn't the best fit, there are alternative lending options for your business that may be easier to qualify for: Fast business loans. A fast business loan can take a variety of shapes. Some are term loans, while others are lines of credit. Whichever you go with, you can expect a quick application process and a decision within a few days in most cases. Business credit cards. For smaller everyday expenses, you may want to consider a business credit card. These offer a less in-depth application process and may offer rewards for frequent use. Most business credit cards simply assess your credit score to determine if you qualify. Bad credit business loans. It can be more difficult to qualify for an SBA loan — especially if your business doesn't have its own established score or if you have poor personal credit. You may want to consider a bad credit business loan if your credit score is standing in your way. Cash advances. While not exactly loans, options like merchant cash advances and invoice factoring are quick options for business owners. While these loans tend to have lenient eligibility requirements, they often charge high fees and interest rates and should generally be used as a last resort. SBA Express and Export Express loans are ideal for small businesses needing fast funding. While they can be more difficult to qualify for than other fast business loans, their competitive rates and government-backed status make them a safe option for your business. How easy is it to get an SBA Express loan?It can be easier to qualify for an SBA Express loan as an established business with strong revenue and good credit. Actually receiving a loan may be more difficult. SBA loans are extremely competitive, and only about 26,000 businesses were approved for Express loan in the 2024 fiscal year, according to the SBA weekly lending report. What is the easiest SBA loan to get approved for?SBA microloans are some of the easiest SBA loans to qualify for because they tend to cater to disadvantaged businesses. They may have relaxed requirements for credit score, time in business and annual revenue. They also tend to offer educational resources to help your business succeed. What is the minimum credit score for an SBA Express loan?The SBA does not have a set minimum credit score for business owners. But the lender you work with might. In many cases, you will be required to have good to excellent credit — a FICO score of 670 or higher. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
