On September 18, 2014, the SBA announced it will waive the upfront guaranty fee for 7(a) loans of $150,000 or less. The waiver will be in effect for loans approved during fiscal year 2015 which runs October 1, 2014 through September 2015. “We zeroed out fees on loans of less than $150,000 to any 7(a) borrower because we don’t want SBA fees to be an impediment to getting capital out to communities where it can make a game-changing difference,” said SBA Administrator Maria Contreras-Sweet.
The upfront guaranty fee for 7(a) loans greater than $150,000 will be based on the loan amount and the term of the loan. LEARN MORE.
Story Provided Courtesy of Fred Crispen, Celtic Bank