In Business / September 2006
The Rock Branch Express Way
Rock Branch Community Bank in Nitro, W.Va., is one the newest lenders participating in the U.S. Small Business Administration’s SBAExpress Loan Program. As one of 35 approved SBAExpress lenders in West Virginia, the bank is a source of business capital, up to $350,000, for qualified small business owners. A key feature of the program is its streamlined process, which quickly puts money into the hands of entrepreneurs.
Sheila Martin, assistant vice president at the Rock Branch Community Bank says, “With the addition of the SBAExpress Loan Program to existing commercial loan products, we can provide the small businesses community an additional resources to start or grow their enterprise.”
Commercial loans to small business owners using the SBAExpress Loan Program comprised nearly 30 percent of the 220 loan guaranties approved in West Virginia as of July 31, 2006.
The simplified process, one of the many advantages of the SBAExpress loan for both lenders and borrowers, is made possible by agreements with qualified lenders authorizing them to make eligibility determinations without direct SBA involvement. Approved lenders to may use their own loan application forms and processes instead of the products used by the SBA.
According to Judy McCauley , director of the WVSBA District Office, “SBA has streamlined the SBAExpress loan application process to make smaller business loans more easily available.”
She says SBAExpress loans can be used for nearly any business related purpose including: the purchase of land or buildings; acquisition of machinery and equipment; long- and short-term working capital; refinancing existing business debt which isn’t otherwise structured with reasonable terms. It may be also used to purchase an existing business. Interest rates are tied to the Prime rate and may be fixed or variable. Loan maturities follow the same guidelines as the regular SBA 7(a) loan program, 5-10 years for working capital and up to 25 years for machinery, equipment, real estate, and construction.
Small businesses in Putnam, Kanawha, and Cabell counties interested in the SBAExpress loan program can contact Sheila Martin at Rock Branch Community Bank at (304) 755-4700.
For more information contact the West Virginia District office at (800) 767-8052 ext. 8 (email: wvinfo@sba.gov) or visit www.sba.gov.
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