Fee Waiver extended, 90% SBA Guarantee is Back till at least Feb 2010
Dear Clients and Friends,
The Gov’t just gave us an early New Years Present!
Fee Waiver extended as well as 90% SBA Guarantee is Back till at least Fe 2010
If you have been thinking about getting a new SBA Loan, or you have a client that is in need of a new SBA Loan call today. We are working through till 12/31, and we could have your deal packaged and ready for our lenders when they come back to work on the first. Let’s take advantage of this 60 day window! Call today and talk to Adele or myself at 858-592-0659.
Agency plans to restart Recovery loan approvals by Dec. 28
WASHINGTON – President Obama signed the U.S. Department of Defense
(DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs.
New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by Dec. 28. Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
“The extension of these programs through February is important to continuing our path toward recovery and will mean thousands more small business owners have access to the credit they need.”
As part of ARRA, SBA received $730 million, which included $375 million to increase the SBA guarantee on 7(a) loans to 90 percent and to waive borrower fees on most 7(a) and 504 loans. More information about the waived fees can be found here. The funds for these programs were exhausted on Nov. 23.
For non-ARRA 7(a) or 504 loans funded during the transition period, this extension does not provide a retroactive guarantee or waived fees. Loans that were funded under non-ARRA terms cannot be canceled and resubmitted to take advantage of the ARRA extension provisions.
This extension does not affect other SBA ARRA programs, including the America’s Recovery Capital (ARC) loan program or the agency’s microloans.
ARRA funding still remains for both of those programs.
Also my book makes a great holiday gift for yourself because it now comes with FREE Commercial Loan Training as well. Visit GET Your Loan Closed! and order one today
Wishing you a very happy, healthy and prosperous New Year
