SALT LAKE CITY – The U.S. Small Business Administration has approved America First CU, Cyprus FCU, Goldenwest CU, Mountain America CU, USU Charter FCU and Utah First FCU as Export Express lenders.
SBA Export Express is the simplest export loan product offered by the SBA and allows participating lenders to use their own forms, procedures and analyses. The SBA provides an answer in 36 hours or less. Loans made through Export Express up to $350,000 have a 90% guaranty and loans between $350,000 and $500,000 have a 75% guaranty.
Loan proceeds may be used for business purposes that will enhance a company’s export development. Export Express can take the form of a term loan or a revolving line of credit. As an example, proceeds can be used to fund participation in a foreign trade show, finance standby letters of credit, translate product literature for use in foreign markets, finance specific export orders, as well as to finance expansions, equipment purchases, and inventory or real estate acquisitions, etc.
