Amisight 9/23: SBA Fees to remain at $0 for loans of $350K or less.
The SBA has announced that borrower fees on $350K or smaller loans will remain at $0 after 9/30/2021. This fee reduction represents substantial savings for borrowers.
$350K is a crucial threshold in SBA lending. The SBA is not required to be in the first lien position on all of your assets if your loan is under $350K. Additionally, if you own a personal home, the SBA is not required to take a lien on it for loans under $350K. And now, there is the additional benefit of no fees on these loans.
SBA loans of $350K or less are typically processed faster than larger SBA loans based on these simpler requirements. Therefore, borrowers should always consider the SBA instead of more expensive private lending options.