According to the U.S. Census Bureau, nearly 1 in 10 small businesses are veteran-owned. Additionally, about one-quarter of the 22,658,000 veterans in America today say they are interested in starting or buying a small business.
In a recent announcement by the U.S. Small Business Administration (SBA), they will extend its fee relief for SBA Veterans Advantage loans through September 30, 2015 and is terrific news for our military veterans (This fee relief was originally scheduled to end September 30, 2014).
Originally launched in January of this year, the SBA Veterans Advantage measure was put in place to provide veterans looking to start or grow a small business with better access to cheaper loans.
Under the measure, up-front guaranty fees are eliminated or reduced for qualified veteran business owners depending on loan type/amount:
For SBA Express loans of $150,001 to $350,000, there is no up-front fee.
For non-SBA Express 7(a) loans of $150,000 to $5,000,000, the up-front fee will be reduced by 50%.
Click here to read the SBA Information Notice for full details.
If you are a veteran interested in learning more about these loans, contact a Benetrends lending expert today.