Small Business Xpress

Small Business Xpress Term Loans and Line of Credit
Businesses can now apply for a Small Business Xpress (“SBX”) term loan or line of credit online for as little as $5,000 and up to $100,000.  It only takes about 15 minutes to complete the application.  You will get an answer to your request just a few minutes after a completed application is submitted and all supporting documents have been submitted.

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What You Will Need Before You Get Started
We recommend that you have the following documents ready in electronic format before you start the application as you will be asked to upload them as part of the application:

• Two years of the most recent Business tax returns
• Two years of the most recent Personal tax returns for each owner/guarantor for all owners who own 20% or more of the company
• Business Entity Documentation
• Personal Identification Documents
   

What You Need To Know

• You will be required to open up a business checking account if you do not already own one with the Bank
• If you are not taking an advance on your line of credit at closing, you will have 30 days to fund your deposit account
• Your company needs to be in business for 2 or more years
• A term loan will be funded to the business checking account
• Line of credit draw-downs will be funded to the business checking account
• Payments are required to be made by direct debit from the business checking account
• Personal guarantees are required for all owners with a 20% or more ownership stake
• We’ll take a general security interest in all business assets
• An application fee of 1% of the loan amount or line of credit commitment not to exceed $250 is charged upon approval
• A $100 review fee is charged annually on lines of credit
• There is a 2% fee charged on the outstanding balance of your term loan account if you close out your term loan account due to a refinance with another institution
• You can only apply for one SBX credit product at a time. You will need to wait 180 days before applying again
• You can only open one line of credit through the SBX process