DATE: October 5, 2000
FROM: Barry McVay, CPCM
SUBJECT: Small Business Administration; New Loan Package to Help Small Businesses Export Goods and Services
SOURCE: Small Business Administration News Release, October 3, 2000
AGENCIES: Small Business Administration (SBA)
SYNOPSIS: On October 3, 2000, SBA announced a new loan program, SBA Export Express Pilot Loan Program, that will "encourage lenders to make loans to small business exporters that otherwise could not get financing."
FOR FURTHER INFORMATION CONTACT: Cecelia Taylor, 202-205-6740.
SUPPLEMENTAL INFORMATION: The SBA Export Express is a streamlined small loan program that allows participating lenders to use their own forms, procedures and analyses, with a loan application turnaround of 36 hours, and provides a high SBA loan guaranty percentage of up to 80% on a loan of $100,000 or less, and up to 75% on larger loans up to $150,000.
Small businesses can use the program to finance their participation in foreign trade shows and trade missions, translate their product literature for foreign markets, finance specific export orders, or finance working capital and fixed asset loans (such as standby letters of credit, revolving lines of credit, and term loans for expansions, equipment purchases, inventory, or real estate).
Small businesses that want to know more about applying for a loan under the SBA Export Express program should contact the nearest SBA field office (to locate the nearest SBA field office, go to the SBA website at http://www.sba.gov/regions/states.html).
For additional information on SBA Export Express and other export finance programs, go to the SBA website at http://www.sba.gov/oit.
FOR FURTHER INFORMATION CONTACT: Barry McVay at 703-451-5953 or by e-mail to BarryMcVay@FedGovContracts.com.
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