SBA Eliminates Fees on 7(a) Loans $150,000 or Less
The Small Business Administration (SBA) has eliminated the major fees previously charged on SBA 7(a) guaranteed loans of $150,000 or less. This change amounts to a $2,550 up front savings on a $150,000 loan and remains in effect on loans approved prior to September 30, 2014.
"What an opportune time for banks to refer these small business borrowers to BDC for processing. Many SBA lenders believe that loans of this size are not large enough to justify the effort it takes to process, approve, close and service. BDC has gladly worked with this size borrower for many years and welcomes your referrals. Together, let's help jumpstart small business lending in SC," said Edwin Lesley, President & CEO of BDC in Columbia.
"Together, let's help jumpstart small business lending in SC."
– Edwin Lesley President & CEO BDC Columbia
Please Note: The fees for SBA 504 loans have not changed.
For more information, contact Connally Bradley, Peter Shand or Sherri Scearce at BDC at (803) 798-4064 or mail@BDCofSC.org
