SBA Lowers Service Fees for 504 and Refinance Loans

Business Lending, News

piggy-bank-1056615_1920Each year the SBA sets a service fee which is used to support the cost of the SBA 504 Loan Program. For loans approved after October 1, 2016, the Annual SBA Service Fee has been reduced to 0.697% (69.7 basis points) of the outstanding balance of the loan. This is down 0.217% (21.7 basis points) from the previous year’s 0.914 (91.4 basis points). In addition, the Annual Service Fee for the new SBA 504 Refinance Program has also been reduced to 0.731% (73.1 basis points). This reduction in fees also sends another strong signal about the health of the 504 program.

“This further enhances the SBA 504 Loan Program as an even more viable financing option for owner occupied real estate,” says HCDC President & CEO David Main.

 

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