News by SB Informer

Business Loan Express Signs Agreement With Small Business Administration

SB Informer
Wednesday, March 7, 2007; 02:16 AM

Business Loan Express, LLC today announced it has signed an agreement with the U.S. Small Business Administration.

"We are pleased that we have been able to reach this agreement with the SBA so that our mission to help small businesses across the country obtain important financing that might not otherwise be available to them will continue unimpeded," said Robert Tannenhauser, President and Chief Executive Officer of BLX.

Through its history, BLX and its predecessors have originated more than 10,000 loans totaling over $5 billion. BLX's SBA loans are made primarily to minorities and borrowers in low and moderate income areas.

Under the terms of the agreement, after funding the loan, BLX will submit each transaction for an expedited review by or on behalf of the SBA. BLX also agreed to an expedited review of loans that default before the SBA honors its guarantee to BLX.

Although there has not been a court finding of fraud with respect to any of the loans at issue, BLX has agreed to repurchase approximately $8.1 million in guarantees, together with accrued interest.

"BLX recognizes the importance of vigilant measures to guard against fraud in SBA lending, and will continue to be proactive in taking the necessary steps to prevent it from occurring," said Tannenhauser. "We don't believe that any of the additional oversight will have any effect on our ability to provide the highest quality service to our customers, and we will continue to process loans under our national preferred lender status."

BLX will continue to cooperate fully with all government inquiries.

Business Loan Express, LLC (BLX), is one of the country's largest non-bank small business and commercial lenders. BLX services a portfolio in excess of 6,400 loans totaling over $2.7 billion. BLX loan programs are specially designed for borrowers with financing needs up to $5,000,000. Borrowers may use BLX loan proceeds for a variety of business and commercial purposes, ranging from real estate acquisition and refinance to working capital. Loan products include conventional business and commercial loans, as well as government guaranteed Small Business Administration (SBA) loans. BLX is a licensed participant in the SBA's 7(a) guaranteed loan program and is a nationwide SBA Preferred lender. BLX is also a leading lender under the SBA's 504 and Express programs.

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