The Regional Alliance has joined with the United States Small Business Administration in its Community Express Loan Program
for small business. We are now able to offer a quick and easy loan application process to our members and client referrals
under the SBA program. Firms may apply for loans from $5,000 to $250,000 (depending on the participating bank) with only
a one page application and without complete financial reports. Funding is 85% guaranteed by the federal government. The
rates are three percent above prime, but there is no collateral required and the term is seven years without prepayment penalty.
All applicants are required to participate in technical assistance provided by the Regional Alliance and must agree to
provide a new Business Plan within six months of finalizing the loan. There are currently two participating banks in New
York. We are working on additional banks and have applied to be technical assistance provider in New Jersey.
The absence of any need for collateral or any penalty for pre-payment of the loan, make this a very attractive loan package.
The simple application and quick turn-around can meet small contractor's needs without freezing precious assets.
