SBA Eliminates Fees on Loans up to $150,000
The SBA’s upfront guaranty fee on its loans of $150,000 and under was changed to zero starting on October 1, 2013. The SBA decided to eliminate the fees on loans of $150,000 or less after conducting a review of the 7(a) Loan Program. As a result, a small business owner obtaining a $150,000 loan will save more than $2,500.
The 7(a) Loan Program is the SBA’s primary program to help startup and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels.
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