PHOENIX – SBA Express Loans are coming to Desert Schools Federal Credit Union. The $2 billion credit union recently earned the SBA's Express Lender status. The role means a wider range of financing options and faster approval times. The maximum amount for SBA Express loans are $350,000 with a 50% guaranty from the agency. Lenders may charge up to 6.5% over prime rate for loans of $50,000 or less and up to 4.5% over the prime rate for loans over $50,000. Loan turnaround time is 36 hours. "The ability to secure an SBA Express Loan guaranty opens doors for local small businesses, giving us the opportunity to provide value-based business financing under more reasonable terms and conditions than they might otherwise receive," said Tom Murray, senior director of business services Since the launch of its business service products in 2003, more than 4,000 new business members have joined Desert FCU, according to the credit union, which is Arizona's largest with more than 286,000 members.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.