Act Now!
The U.S. Government has put many measures in place to support small businesses during the pandemic. While most of the focus has been on PPP, we don't want your clients to miss out on other valuable incentives from the SBA for 7(a) loans.
Loans that receive an SBA E-Tran number by September 30, 2021 are eligible for:
- Guaranty Fees waived
- Three months of principal and interest (P&I) payments paid by the SBA ($27,000 max benefit)
The savings to borrowers could be considerable.
Loan: $250K
Guaranty Fee: $5,625 |
Loan $1 million
Guaranty Fee: $26,250 |
Loan: $5 million
Guaranty Fee: $138,125 |
Add in the three months of P&I from the SBA and that's a significant amount of money staying with the business. This is a great option for any clients and prospects with business or commercial real estate financing needs – including those who received PPP loans.
By referring them to Newtek, they get the added benefits of:
- Loans from $50K
- 10-25 year amortization schedules
- Higher advance rates than banks
- No bank loan covenants
If you have any questions about this program, please do not hesitate to reach out to me. You can also enter any referrals directly in to NewTracker by clicking below.
Time is of the essence, so don't wait.
Tom
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