When you apply for an SBA loan there is usually an upfront fee charged . In these trying times, that fee along with lender reluctance to take a risk on a new or small business has helped bring SBA lending nearly to a halt. For example if a small business got approved for a $100,000 the up front fee on that would be $1700.
The American Recovery and Reinvestment Act (Recovery Act) and Department of Treasury are offering incentives to lenders to provide capital to small businesses, and reduce the cost of borrowing for small businesses.
I believe this program will be available nationwide, but it looks like Indiana is the first to start rolling out it’s which would remove the upfront fee to borrowers. Score, the Indiana Small Business Development Center Network, and the Women’s Business Centers have joined forces to help Indiana based business with planning, analyzing strategies, and seeking financing.
The fee elimination will be TEMPORARY so if you are in Indiana get to work on it NOW you lucky business owners!
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Surely a relief! Where can I get more infos regarding this? Thanks..
Yeah.. Definitely a good news for me. Going to look for informations regarding this.. Thanks..