SBA Express Bridge Loan Program
What is the Express Bridge Loan Program?
The Express Bridge Loan Program was formed in 2017 to provide financial assistance to presidentially declared disaster areas. On March 25, 2020, the SBA expanded the Express Bridge Loan (EBL) program to small businesses nationwide impacted by COVID-19. Through the EBL program, small businesses can borrow up to $25,000. The EBL funds can be used to support the survival or re-opening of the business. These loans will be available until March 13, 2021.
EBL Eligibility:
Small businesses in all 50 states that can demonstrate that they have been adversely affected by the pandemic are eligible for the EBL.
Maximum Loan Amount:
Small Businesses may borrow up to $25,000.
Loan Terms:
- maximum interest rate is 6.5% + the prime rate
- no collateral requirement
- an applicant may only obtain one EBL
- an applicant may also apply to other SBA Loans
- the maximum term of the loan is 7 years
Application:
Only authorized SBA Express Lenders can make EBL loans to eligible businesses with which they already have a banking relationship on or before the date of the declared disaster, March 13, 2020. Contact your existing business financial institution. Find out if they are offering Express Bridge Loans. They will provide all the forms you need for the application.
