O.C. BUSINESS PLUS : HEARD ON THE BEAT / SMALL BUSINESS : Fast-Response SBA Loans

Promising entrepreneurs in need of capital should consider the Small Business Administration. Under the SBA Express program, qualified business owners can borrow up to $150,000 and are guaranteed a loan decision within 36 hours. In the past, applicants had to fill out a mountain of paperwork and wait up to two weeks before getting an answer. “SBA Express makes it easier and faster for small businesses to get loans,” said Stacey Sanchez, spokesperson at the SBA’s Santa Ana District office.

The program, which was launched in a limited form in 1995, is growing in popularity. Nationwide, participating lenders made 5,763 SBA Express loans valued at $257.2 million, or an average of nearly $45,000 per loan, between Oct. 1, 1997, and Sept. 31, 1998, the SBA’s fiscal year 1998. In the most recent fiscal year, lenders made 6,079 loans worth $307 million, or almost $51,000 per loan.

There are 41 SBA Express lenders in Orange, San Bernardino and Riverside counties. Information: (714) 550-7420, Ext. 3202.