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U.S. Small Business Administration AUTHORIZATION
(SBAExpress/Patriot Express LOAN)
SBA Loan# [Number]
U.S. Small Business Administration
[SBA Field Office Name]
[City, State, Zip]
[City, State, Zip]
Lender is issuing this SBAExpress or Patriot Express Loan Authorization for SBA to guarantee [Percent Guaranteed] of a loan in the amount of $[Loan Amount] to be made by Lender to assist:
Borrower: [Name, dba, Address, City, State, Zip for each borrower]
Lender’s issuance is in accordance with either the SBAExpress Supplemental Loan Guaranty Agreement between Lender and SBA for an SBAExpress Loan or the Patriot Express Supplemental Loan Guaranty Agreement between Lender and SBA for a Patriot Express Loan.
This Authorization is subject to the application submitted by Borrower and the following terms and conditions:
1. Lender must comply with current SBA Form 750, and the provisions of the Small Business Act, 15 U.S.C. § 631, et. seq., SBA regulations, SBA Standard Operating Procedures, SBA Official Notices, the SBAExpress Program Guide or the Patriot Express Pilot Loan Initiative Procedural Guide (depending on the type of loan), and the SBAExpress Supplemental Loan Guaranty Agreement or the Patriot Express Supplemental Loan Guaranty Agreement between Lender and SBA (depending on the type of loan), all of which may be amended from time to time.
2. Lender must make first disbursement of the loan no later than [number of months] months, and complete disbursement no later than [number of months] months, from the date of this Authorization. For a revolving line of credit loan, Lender must make no disbursement of this loan beyond the maturity date.
3. For loans with a maturity of more than 12 months, Lender must pay a guaranty fee of 2% of the amount guaranteed for loans of $150,000 or less (Lender may retain no more than 25% of this fee) and 3% for loans of more than $150,000 to the Small Business Administration, Denver, CO 80259-0001, within 90 days of the date of this Authorization. For loans with a maturity of 12 months or less, Lender must pay a guaranty fee of .25% of the amount guaranteed to the same address within 10 days after SBA issued the SBA Loan Number. The guaranty fee for this loan is $[Amount].
4. Lender must have Borrower execute a Note containing the following repayment terms:
5. Lender must develop and maintain evidence of a system or process to reasonably ensure that proceeds of loan were used for the following eligible business purposes:
[Show specific uses for which loan is authorized, broken down by category. Total of all categories must equal total loan.]
6. Lender must satisfy the following collateral conditions:
[List all collateral that will secure loan, including Personal Guaranties, if any. Specify lien position and title evidence required.]