What is ALP Express?
When the SBA Gross Debenture is $500,000 or less, SBA could leave the credit underwrite to the CDCs that have ALP approved status. The credit for these loan requests can be approved in house by Preferred Lending Partners’ credit team and loan committee. SBA will still ensure the loan meets program eligibility requirements. This will be accomplished through a simplified submission and we expect this process to take much less time than the average turn time for a full credit and eligibility approval.
A Gross Debenture of $500,000 or less generally equates to a total project of $1,200,000.00. It is important to note that once approved any increase to total project costs and loan amounts that results in the gross debenture going over $500,000 would require the ALP Express Loan approval to be cancelled and resubmitted for a new approval.
This program is approved through September 30, 2023.
There will be a list published annually of industries with a high rate of default that SBA will not allow to be processed under this program, however currently there are NO industries on the list.
Please reach out to PLP with any questions!