Borrowers will not have to pay fees on 7(a) loans of $150,000 or less, the Small Business Administration announced today. Likewise, veterans will pay no upfront guaranty fees for SBA Veterans Advantage loans of $150,000 up to $350,000.
The fee relief measures were set to expire Sept. 30 but have been extended for the next 12 months.
“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, especially to our underserved communities, who use these small dollar loans more frequently,” said SBA Administrator Maria Contreras-Sweet in a news release. “We also owe a debt of gratitude and so much more to our service men and women, and veterans who are the cornerstone of small business ownership. This fee relief will continue to help veterans business owners who grow their businesses, create jobs in their communities, and put their training and passion for our country to work in their neighborhoods.”
See the SBA news release for details.
