Well, we are one step closer to seeing positive changes that will impact the small business loan applicant. The House has passed the newest version of the SBA Stimulus Package. The Senate still needs to approve and the President needs to sign.
Although many changes are cited, some of the most significant are the increased guarantee to lenders and the reduction or elimination of loan fees for both the 7(a) and 504 program to the applicant. Another significant change would be the refinance eligibility under the 504 loan program and the secondary market guarantee. Here is where we will most likely see the greatest activity on a go-forward basis.
Stay tuned for the up to date changes, as they occur.
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