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TO All SBA Employees SUBJECT 7(a) Fees and 504 Fees Effective On - sba

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7 a Loan Program For 7 a loans approved on or after October 1 2009 the Yearly Fee due from Lenders to SBA will be 0. 55 percent 55 basis points of the guaranteed portion of the outstanding balance on the 7 a loan* This fee remains the same as for FY 2009. The 7 a Yearly Fee is imposed under Section 7 a 23 of the Small Business Act and is referred to as the ongoing service fee in the 7 a Authorization Wizard. All other fees in the 7 a loan program will be the same as for FY 2009. A descripti ...

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How does SBA 7a guarantee work?

For most 7(a) loan programs, SBA guarantees up to 85 percent of loans of $150,000 or less, and up to 75 percent of loans above $150,000. However, SBA provides a 50% guaranty on SBA Express loans. SBA provides a 90% guaranty for Export Express, Export Working Capital Program (EWCP), and International Trade loans.

How much does the SBA guarantee on a 7a loan?

7(a) Small Maximum loan amount$500,000Maximum SBA guarantee %85% for loans up to $150,000 and 75% for loans greater than $150,000Interest rateLenders and borrowers negotiate the interest rate, but it may not exceed the SBA maximumSBA turnaround time2-10 business daysFormsSBA Form 1919 is required for every loan2 more rows Aug 16, 2023

How hard is it to get a SBA 7a loan?

It can be difficult to get an SBA 7(a) loan if you dont have strong annual revenue, a good credit score (690+) and at least two years in business. SBA 7(a) loan requirements vary from lender to lender, but youll generally need to meet these criteria to qualify.

What is the SBA guaranty fee for 504?

For 504 loans (other than loans made under the 504 Debt Refinance without Expansion Program) approved in FY2024: 1) The upfront guaranty fee will be 0% (0 basis points). 2) The annual service fee will be 0.364% (36.4 basis points) of the outstanding balance of the loan.

What is the difference between a 7a and 504 SBA loan?

Unlike a 7(a) loan, a 504 loan can only be used to finance equipment or commercial real estate. Longer application process. There is more involved in qualifying for a 504 loan, and your business will need to complete a longer application process than with the 7(a) loan program.

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