SBA eliminates fees on smaller loans

Responding to calls to encourage smaller loans, the SBA has recently made two important changes to its fee structures. SBA Information Notice 5000-1288 (released September 24, 2013) announced a reduction in the annual service fee for all 7(a) loans and a reduction in the upfront guaranty fee for all 7(a) loans in the amount of $150,000 or less. For loans of $150,000 or less, “Both the yearly fee and the upfront guaranty fee will be zero.

Norris Lozano, Chief Executive Officer of BusinessUS, commented, “This action by SBA can potentially be a big win for American small businesses. Any reduction in business costs gives small business a better chance to compete and create new jobs.”

The fee reduction will take effect January 1, 2014, and remain in effect for the 2014 entire fiscal year.

~ BusinessUS

8 Reasons to be Happy We’re a Non-Bank Lender

Here are 8 reasons BusinessUS is happy to be a non-bank lender:

  1. http://hateyourbank.com/
  2. http://www.cbsnews.com/8301-505144_162-37044303/why-i-hate-my-bank
  3. http://www.bankers-anonymous.com/blog/why-you-hate-your-bank
  4. http://www.experienceproject.com/groups/Hate-Banks/56231
  5. http://money.msn.com/investing/why-we-hate-banks-and-cable-companies
  6. http://www.huffingtonpost.com/2011/11/04/small-businesses-switching-from-big-banks-to-local-banks_n_1070547.html
  7. http://www.kellymcclymer.com/2012/10/bank-of-america-hates-my-small-business/
  8. http://www.americanbanker.com/bankthink/small-business-hates-banks-letter-of-credit-1040995-1.html