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Community Express |
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Community Express is a pilot SBA loan program that was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its member organizations. Under the pilot, which is available to selected lenders, an SBA Express-like program will be offered to predesignated geographic areas serving mostly low and moderate income areas as well as new markets small businesses. The program will also include technical and management assistance, which is designed to help increase the loan applicant's chances of success.
About Program
Lender Participation The SBA initiated the Community Express program in May of 1999 with about 10 NCRC lenders. The agency is now expanding the program to PLP lenders that have at least a 90 percent currency rate on their SBA 7(a) portfolio for the last 3 fiscal years, as well as to selected non-PLP lenders that meet the eligibility requirements for participating in the SBA Express program. Technical Assistance has been recognized by both the NCRC and the SBA as often crucial to the success of these businesses. As a result, the Community Express program includes a specific technical assistance component. Borrowers must receive technical and management assistance from local non-profit providers and/or from participating lenders pre- and post-loan; that assistance is coordinated, arranged, and, when necessary, paid for by Community Express lenders. Community Express lenders may also consider this technical assistance as a collateral enhancement. Community Express lenders must establish (and document) an internal procedure to ensure the consistent delivery of appropriate and effective technical and management assistance. The process begins with the identification of qualified and committed T/A providers. The focus then shifts to the Community Express applicant and the T/A provider’s development of a business plan (as appropriate) and an assessment of the applicant’s management and technical assistance strengths and weaknesses. If weaknesses are identified as a result of that assessment, the lender should document the T/A provider’s recommendations and the remedial plan. The lender, in cooperation with the T/A provider, is also expected to strongly encourage the applicant to follow that plan. Additional Information Community Express loans must meet the basic 7(a) loan criteria except where differences specified below: Eligible and Ineligible Types of Businesses Types of Loans Not Allowable for Community Express:
Types of Businesses Not Allowable for Community Express:
Availability of Funds from Other Sources Interest Rates Applicable to 7(a) Loans |
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