Overview: This pilot program allows SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while they apply for and await long-term financing.
EBL loans can only be made by SBA Express Lenders that had a valid SBA Form 2424, “Supplemental Loan Guaranty Agreement SBA Express Program,” in effect as of the date of the applicable disaster. For the COVID-19 Emergency Declaration, the date of the applicable disaster is March 13, 2020.
SBA Express Lenders may only make EBL loans to eligible small businesses with which the Lender had an existing banking relationship on or before the date of the applicable disaster.
- A relationship with any of the SBA Express Lender’s affiliates will not satisfy the requirement of an existing banking relationship.
How to Apply: Small businesses are eligible to apply for an EBL loan with a SBA Express Lender if the small businesses were located in any state, territory and the District of Columbia that have been adversely impacted by the COVID19 emergency. The small business must have been operational when the declared disaster commenced and must meet all other 7(a) loan eligibility requirements.