SBA Express Loans

A Faster Application Process for Small Businesses

An SBA Express loan features a streamlined application process to provide faster access to financing for small
businesses. This loan is an ideal fit for a business looking to secure a working capital line of credit.

First National Bank of Northfield can finance a loan up to $350,000, which is guaranteed up to 50 percent by the Small Business Administration.

Contact one of First National’s experienced business bankers to see if you qualify.

Advantages

Fast Approval Process The Express program operates on an accelerated turnaround time for SBA’s review,
giving small business borrowers a faster loan decision.
Streamlined
Application Process
A simpler application process means less paperwork and a faster decision.
Capital Line of Credit Ideal for businesses looking for spending flexibility.

SBA Express Loan Information

Eligibility For-profit businesses.
Net worth not in excess of $15 million.
Net profit after tax averaging less than $5 million for the previous two years.
Small business qualifications by SBA guidelines.
Loan Size Loan amount up to $350,000.
Use of Proceeds Working capital lines of credit.
Financing Provided by First National Bank of Northfield.
SBA provides 50% guarantee to First National on loan amounts up to $350,000.
Collateral First National to take first secured interest in business assets and/or a mortgage on
real estate.
Underwriting
Requirements
Personal guarantees by all owners of 20% or more.
Hazard insurance.
Life insurance on business principals.
Adequate business collateral or personal assets securing personal guarantee, e.g., a
mortgage on a home.
Loan Terms Revolving lines of credit up to 7 years. Initial term is 1 year with renewal options.
Interest Rates Variable rates based on Wall Street Journal prime rate.
SBA Guarantee Fees 2% of the guarantee portion.
Application Materials View the application and materials checklist

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