House Passed SBA Small Business Stimulus Bill

GOOD NEWS! The House passed the SBA version of the Small Business Stimulus Bill earlier today. The Bill, HR 5297 now moves onto President Obama for signature, which is expected early next week. This means that SBA fees will be eliminated on all 7A loans and drastically reduced on 504 loans. It also increases the SBA guaranty on 7A loans up to 90%. Both of these policy changes are immediate and run through December 31, 2010. In addition, the Bill calls for the future implementation of an increase in SBA 7A loans to $5.0 million and 504 loans to $5.5 million and will allow for debt re-financing through the 504 program. Debt refinancing through the 7A program will continue to be available also.

Please forward this information to any of your buyers and let them know that the waiving of SBA fees, that could add up to as much as $55,000, will expire on December 31, and the time to move is NOW.

US Bank remains one of the most competitive SBA lenders in the country, offering borrowers both 7A and 504 lending opportunities. We are also one of the few lenders who can offer fixed rate 7A loans of one, two, three and five year increments, starting as low as 3.96% for qualified buyers.

PLEASE CONTACT CRAIG BITTNER @ 818 548-7400 ext 221 to discuss the many benefits that we can offer to both borrower and broker.