SBA loans are small business loans made and serviced entirely by the bank. The bank receives a guarantee for a portion of the loan which translates to better loan terms for the small business. Professionals, service companies, contractors, retailers, wholesalers and trucking companies are some examples of the type of business that is eligible to apply.
Lubbock National Bank is also an approved SBA Preferred Lender. Two characteristics define SBA Express including the fact that this program does not require the normal lengthy SBA application package. Secondly, approval can be obtained from SBA in three days. Generally, loans up to $350,000 are permitted depending upon federal guidelines that are subject to change.
Additional resources are available from the Small Business Administration at www.sba.gov and the Small Business Development Center in Lubbock ttusbdc.org/lubbock.