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Posted on Mar 26th, 2020

SBA Express Bridge Loan

Binghamton Business News

Effective immediately the Small Business Administration (SBA) has announced a new Express Bridge Loan for small businesses. Please see all pertinent information below:

In response to the COVID-19 National Emergency, the SBA Express Bridge Loan (EBL) Pilot Program has been modified and the term extended. The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while those small businesses apply for and await long-term financing (including through SBA’s direct Economic Injury Disaster Loan Program, if eligible).

2 major points to note:

  • Only existing SBA Express Lenders may utilize this loan
  • Borrowers must have an existing bank relationship with that lender

The general eligibility requirements for the EBL are as follows:

  • For small businesses with an existing banking relationship with SBA Express lenders as of the date of the disaster. 
  • Effective March 25, 2020, (announcement by publication of a notice in the Federal Register will follow), SBA expanded program eligibility to include small businesses nationwide adversely impacted under the Coronavirus Disease (COVID-19) Emergency Declaration issued by President Trump on March 13, 2020 (“COVID-19 Emergency Declaration”).
  • EBL loans can only be made by SBA Express Lenders that had a valid Supplemental Loan Guaranty Agreement SBA Express Program in effect as of the date of the applicable disaster;
  • EBL loans can only be made up to six months after the date of an applicable Presidential Disaster Declaration, however for the COVID-19 Emergency Declaration, EBL loans can be approved through March 13, 2021.
  • The Lender must have an existing banking relationship with the EBL applicant as of the date of the applicable disaster in order to help mitigate the risks associated with the streamlined underwriting process under the EBL Pilot Program.
  • The small business must have been operational when the declared disaster commenced and must meet all other 7(a) loan eligibility requirements (credit elsewhere, size, etc.)

Below is the list of SBA Express Lenders

Adirondack Bank

Adirondack Trust Company

Ballston Spa National Bank

Cayuga Lake National Bank

Chemung Canal Trust Co.

Community Bank

Corning Federal Credit Union

Elmira Savings Bank, FSB

Empower Federal Credit Union

First Heritage Federal Credit Union

First National Bank of Groton

First National Bank of Scotia

Glens Falls National Bank & Trust Co.

Maple City Savings Bank, FSB

NBT Bank. N.A.

New York Business Development Corp.

Pathfinder Bank

Saratoga National Bank & Trust Company

Solvay Bank

Steuben Trust Company

Tioga State Bank

Tompkins Trust Company

Trustco Bank, N.A.

Watertown Savings Bank

 For more information, please reach out to one of these participating banks