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What Is the Export Express Program?
The Export Express program is a streamlined process for lenders to get SBA-backed financing using the lender’s own decisions, processes, and documentation.
The Export Express program is a streamlined process for lenders to get SBA-backed financing using the lender’s own decisions, processes, and documentation. The loan amount goes up to $500,000.
Under this program, lenders will receive a decision from the SBA within 36 hours of the application being filed.
The financing terms for an SBA Export Express loan mirror those of the standard SBA Express loan.
SBA Export Express Uses
Export Express loans can be used as either a term loan or a line of credit. The financing has many potential uses.
See the brief list below for an idea:
- Translating documentation into foreign languages
- Financing standby letters of credit
- Participating in a trade show overseas
- Buying equipment or real estate
- Acquiring new inventory
What are the eligibility requirements for the Export Express Program?
The applicant must meet the following requirements to be eligible for the Export Express Program:
- In operation (not necessarily in exporting) for at least 12 full months. (If this requirement isn’t met, the business may still be eligible for this program with clearly demonstrated exportation expertise)
- The loan proceeds will allow the business to enter a new export market or expand an existing export market.
- Loan proceeds will be used for an export development activity
- If proceeds are being used to finance indirect exports, the SBA will require certification from the applicant’s domestic customer (typically in the form of a letter, invoice, order or contract) that the goods or services are in fact being exported.
- Proceeds will not be used to finance overseas operations, except for the marketing and/or distribution of products/services exported from the U.S.
- If the proceeds are being used to finance specific export transactions, the lender must verify that U.S. companies are authorized to conduct business with the proposed country(ies) to which the goods or services will be shipped and has reviewed the Ex-Im Bank Country Limitation Schedule (CLS)
- The Export Express loan will not refinance an existing SBA-guaranteed loan.
The SBA guarantees 90% for proceeds of up to $350,000 and 75% for loans of up to $500,000. The maximum loan amount is $500,000.
What types of financing are available through the Export Express Program?
The Export Express Program offers quick-approval loans to established businesses that want to start exporting or that need funds for export activities. Financing may take the form of a line of credit or term loan. The SBA guarantees 90% for proceeds of up to $350,000 and 75% for loans of up to $500,000. The maximum loan amount is $500,000.
For more information, please refer to the SBA Export Express loan program and the SBA Loan Chart.
How long does it take to get approved for the Export Express Program?
The Small Business Administration's streamlined application process results in approval or disapproval in 36 hours or less. Applicants have to go to their existing lenders to get funding through SBA Export Express. When approved, the lender submits information about the borrower to the SBA.
What documents are required to apply for the Export Express Program?
To apply for the Export Express Program, you will need to provide the following documents:
- Proof of business operation for at least 12 full months (or evidence of export expertise if the business has been in operation for less than 12 months)
- Documentation that the loan proceeds will be used for an export development activity
- Certification from the applicant’s domestic customer (in the form of a letter, invoice, order or contract) that the goods or services are in fact being exported
- Verification that U.S. companies are authorized to conduct business with the proposed country(ies) to which the goods or services will be shipped
- Review of the Ex-Im Bank Country Limitation Schedule (CLS)
You will need to go to your existing lender to get funding through SBA Export Express. The lender must be approved to issue financing under the program. When approved, the lender submits information about the borrower to the SBA.
For more information, please visit https://www.sba.gov/sites/default/files/articles/oit_export_express_business_0.pdf and https://www.sba.gov/sites/default/files/articles/Loan_Chart_HQ_February_2017_Version_B_0.pdf.
What are the advantages of using the Export Express Program for small business financing?
The Export Express Program offers small businesses a number of advantages. First, the application process is streamlined and approval or disapproval is given in 36 hours or less. Second, the SBA guarantees 90% of proceeds for loans up to $350,000 and 75% for loans up to $500,000. Third, businesses that demonstrate that the funds from the Export Express program would help them export goods can receive up to $500,000 to use for product translations, equipment, inventory, or even real estate and land. Finally, the requirement of being in operation for one year may be waived if the company's leadership has sufficient export expertise and if the lender uses underwriting procedures in its approval process.
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Case Study
Arnold, a creative entrepreneur in Sacramento, had a vision to design and produce unique, eco-friendly furniture using reclaimed wood and other sustainable materials. His company, Green Furnishings, quickly gained attention both locally and internationally for its innovative designs and commitment to environmental sustainability.
As the demand for Green Furnishings' products grew, particularly from international buyers, Arnold realized that he needed to expand his business to cater to the global market. However, he faced challenges in securing the necessary financing to support his export efforts, including marketing, shipping, and managing international transactions.
That's when Arnold discovered the SBA Export Express program. This program offered a streamlined process for obtaining SBA-backed financing with a quick decision timeline, allowing him to focus on growing his business without the lengthy wait times typically associated with traditional loans.
Arnold approached a local bank with experience in SBA lending and presented his business plan, highlighting the increasing demand for his eco-friendly furniture from international clients. Impressed by Arnold's vision and the growth potential of Green Furnishings, the bank approved a $300,000 Export Express loan to support the company's export activities.
With the SBA Export Express loan, Arnold was able to invest in marketing his products to international clients, streamline shipping processes, and manage international transactions more efficiently. The loan played a crucial role in Green Furnishings' expansion into global markets, helping Arnold establish a strong international presence and further solidifying the company's reputation as an innovative and environmentally responsible furniture manufacturer.
This is a fictional case study provided for illustrative purposes.
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