The 7(a) Loan Program is the SBA’s primary program to help start-up and existing small businesses obtain financing when they may not be eligible for conventional business loans.  In just three months after its implementation, fee elimination on loans $150,000 and under have saved small businesses nationwide more than $5 million.

A small business obtaining a $150,000 loan now saves more than $2,500 in fees, which can be used for other business expenses.  The SBA has begun a similar effort to help small business owners who are veterans. Beginning Jan. 1, 2014, SBA launched the SBA Veterans Advantage initiative, which has zero borrower fees on all loans $350,000 and under made through this program.

This program is expected to yield significant savings for veterans looking to start or grow a business.  Of all SBA loans made to veterans during the last 5 years, 73 percent were below $350,000.  In the first 10 days (Jan 1
– Jan 10) this initiative saved veterans business owners almost $179,000.

For more information about SBA loan programs and services or to find a Chamber-member SBA lender, visit www.sba.gov, or the SBADistrict Office nearest you.  (http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/)

Print Friendly