On November 8th, the SBA announced new measures to help get small business loans into the hands of veterans by setting the “borrower upfront fee” to zero for all veteran loans up to $350,000 authorized under the SBA Express program. This fee reduction will start on January 1, 2014 and continue through the end of the fiscal year.
“We’re pleased to see the SBA reducing fees on lower-dollar loans to provide US Military veterans better access small business financing,” said Norris Lozano, CEO of BusinessUS. “I’m sure I’m speaking on behalf of all lenders – and all Americans – in saying we should keep finding innovative ways to honor those men and women who have served by smoothing the transition between military and business life.”
The SBA fee reduction for veteran small business loans under $350,000 will begin January 1, 2014 and continue for the 2014 fiscal year.