Please be aware that the SBA has closed its Community Express Loan Program. That means that it will no longer be accepting nor funding new or existing applications in this program.

 

None of the other SBA programs have been affected by this decision.

 

However, Innovative Bank, one of the CLX lenders, is offering to review Community Express Loan applications to see if they may qualify for other SBA loan programs that it can fund. You may download the same application (Please go to www.innovativebank.com and select “SOHO” loans) and apply. Be aware that the same TA requirement exists and you must complete it with a SCORE counselor.  

 

Also, as these other programs usually have stricter qualifying guidelines, you can expect greater financial scrutiny, possibly lower funding limits, and more lengthy processing time.