SBA SBA Loan Programs & Lending Requirements 3

Question 1

What is the purpose of the SBA Export Express loan program?

Accepted Answer

Support small businesses entering or expanding in export markets

Answer

The SBA Export Express loan helps small businesses develop or expand their export markets quickly with a streamlined application process.

Question 2

Which SBA loan program is administered through nonprofit community-based intermediary lenders?

Accepted Answer

Microloan

Answer

The SBA Microloan program is administered through nonprofit community-based intermediary lenders who also provide business training and technical assistance.

Question 3

What happens to an SBA loan if the borrower defaults and the SBA pays the lender's guarantee?

Accepted Answer

The SBA pursues the borrower for repayment

Answer

When the SBA pays a guarantee claim, it becomes the creditor and pursues the borrower for repayment of the amount paid.

Question 4

Under the SBA 7(a) program, what is the guarantee fee called that borrowers typically pay?

Accepted Answer

SBA guaranty fee

Answer

Borrowers on SBA 7(a) loans pay a guaranty fee, which is a percentage of the guaranteed portion of the loan.

Question 5

What is the maximum loan amount for an SBA Express loan?

Accepted Answer

$500,000

Answer

The SBA Express loan program has a maximum loan amount of $500,000.

(SBA) Small Business Administration Certified Business Practice Test

(SBA) Small Business Administration Certified Business Practice Test

SBA SBA Loan Programs & Lending Requirements 3