Print
Banking & Finance

SBA Pilots Streamlined Disaster Lending Program

By Jenny Callison, posted Jul 13, 2018
With hurricane season officially upon us, the U.S. Small Business Administration has announced the launch of a new quick lending program aimed at helping small business owners recover from disasters.
 
The SBA’s Express Bridge Loan Pilot Program, authorized by the federal government last fall, is now ready to receive applications. The new lending initiative is part of the SBA 7(a) Loan Program and is available through Sept. 30, 2020.
 
“SBA wants to make sure SBA Lenders and small businesses are aware that this Pilot Program is available for SBA Express Lenders to provide immediate loans up to $25,000 with a 50 percent SBA guaranty for small businesses located in the counties affected by a Presidentially- declared disaster,” SBA officials stated in a news release, explaining that the cash can be used to rebuild or to continue or restart operations while awaiting long-term disaster financing.
 
“We recognize that folks who have suffered damage from hurricanes often need capital fast to rebuild, and so last hurricane season the SBA crafted the Express Bridge Loan Pilot Program to provide ready access to capital through participating lenders,” said Mike Arriola, the SBA’s North Carolina deputy district director. "We recognize that folks who have suffered damage from hurricanes often need capital fast to rebuild, and so last hurricane season the SBA crafted the Express Bridge Loan Pilot Program to provide ready access to capital through participating lenders. As we enter this hurricane season, we want to remind North Carolinians that the Express Bridge Loan is still available in case they need to rebuild or fund operations following a disaster.”
 
The Atlantic hurricane season runs from June 1 to Nov. 30.
 
Officials said small business owners are not required to apply for an SBA disaster loan to qualify for an EBL loan. They also advise interested businesses to contact their bank as soon as possible to determine eligibility.
 
Details of the program are available here.
 
SBA 7(a) lending institutions must be authorized as SBA Express Lenders at the time of the presidential disaster declaration to offer this type of loan. Locally, Aquesta Bank, Bank of America, Bank of the Ozarks, BB&T, CresCom Bank, First Bank, First Citizens Bank, First National Bank, Live Oak Bank, North State Bank, PNC Bank, Select Bank, Self-Help Credit Union, Sound Bank, SunTrust Bank, TD Bank and Wells Fargo Bank have that authorization.

Financial institutions that do not now participate in the Express Lending program can contact the SBA to learn how to do so.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Infinity 891835159

Get to Know Infinity Payment Systems

Kyle Thorpe - Infinity Payment Systems
Chadwoutersheadshot

Changes Coming to Sales Tax on Internet Sales

Chad Wouters - Earney & Company, LLP
Geofflosee300x300 10221511305

Protect Yourself and Your Business from Cybersecurity Threats

Geoffrey Losee - Rountree Losee LLP

Trending News

NHRMC Launches Innovation Center At TekMountain

Christina Haley O'Neal - Aug 13, 2018

RiverLights Submits Plans For Additional Homes

Christina Haley O'Neal - Aug 14, 2018

Three People Join Live Oak Bank’s SBA Lending Team

Christina Haley O'Neal - Aug 14, 2018

Wilmington Eye Merges With Coastal Carolina Eye Clinic

Johanna Cano - Aug 14, 2018

Friends Of Fort Fisher Announces New Executive Director

Christina Haley O'Neal - Aug 14, 2018

In The Current Issue

Preparing For Managed Care Change

The shift to Medicaid-based managed care in North Carolina should happen by 2019. Under the new system, most Medicaid recipients will have t...


Report: Most Affordable Beach Housing

Brunswick County’s most populated beach town is also the most affordable, home sale statistics show....


NPF Corp. Acquires Aquesta Insurance

Aquesta Insurance Services, formerly part of Cornelius, North Carolina-based Aquesta Bank, has a new owner....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes