BEST SBA PERKS EVER
Jim Parker hosted a great webinar with Steve Mariani from Diamond Financial and Tammy Teece from Live Oak Bank where they discussed some new SBA perks that will be available next month. Although the intended audience is business brokers I highly recommend searchers check it out.
Here are my key takeaways:
The guarantee fee is waived for borrowers - This is 2.5-3% of the loan ($27K savings on a $1M loan)
90% guarantee for the lenders - with just 10% down there is no risk to the lender
Transactions closed after Feb 1st and up to the end of September - SBA will fund 6 months of payments (up to $9K per month)
Existing businesses can purchase real estate with no money down under the expansion program and still take advantage of the 6 months of payments covered by the government and guarantee fees waived.