Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Some SBA 7(a) Fees To Drop On Oct. 1
WASHINGTON (9/27/13)--The U.S. Small Business Administration (SBA) this week said some 7(a) loan program fees will be reduced, beginning on Oct. 1.

According to the agency, a yearly fee of 0.52% of the guaranteed portion of the outstanding balance of the loan will be assessed for 7(a) loans of $150,000 or more that are approved in the 2014 fiscal year. The SBA currently charges a service fee of 0.55% of the outstanding balance of the guaranteed portion of the loan.

Yearly fees and guaranty fees will not be charged on 7(a) loans of $150,000 or less that are approved in that year, the SBA added.

Credit unions may participate in 7(a) loans, and the SBA-guaranteed portion of a 7(a) loan is not counted against a credit union's business lending (MBL) cap. There were 347 credit unions with over 8,100 SBA loans outstanding, totaling $921 million in funds, at the end of 2012.

The Credit Union National Association earlier this year urged the SBA to facilitate credit union loans to small businesses by supporting legislation that would increase the 12.25%-of-assets member business lending (MBL) cap. Separate House (H.R. 688) and Senate (S. 968) MBL bills were introduced earlier this year. Both bills would increase the MBL cap from 12.25% of assets to 27.5%. CUNA has estimated that lifting the MBL cap would create 140,000 jobs and inject $13 billion in new funds into the economy, at no cost to taxpayers.

H.R. 688 has 115 House co-sponsors, and S. 968 is co-sponsored by 17 senators.


RSS





print
News Now LiveWire
Record # of applicants for Crash the GAC means every state & D.C. will B represented by young #CU professional at #CUNAGAC #crashthegac15
3 hours ago
.@WOCCU and @CUNA are co-hosting 2015 America’s CU Conference July 12-15 in Denver. Registration is open here: http://t.co/FanFeaO0bC
3 hours ago
Recording of @CUNA Jan. 26 #rbc2 webinar is now available online here: http://t.co/jgxkd65Fj0 Just sign in and listen.
4 hours ago
.@SEC_News 2/19 proxy voting roundtable: contested director elections, increasing retail shareholder participation http://t.co/8k0p6ZvNL8
4 hours ago
.@TheNCUA posted resources 2 help consumers protect themselves,take action if they believe they were ID theft victims:http://t.co/HVaikbuT9H
5 hours ago