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7a loans are only available on a guaranty basis. In other words, 7a loans are provides by lenders who choose to structure their own loans by SBA’s requirements. If the borrower can not repay the loan in full, the lender and SBA share the responsibility.
Maximum loan Amounts:
Qualified applicants may be eligible up to a maximum loan amount of $2 million dollars. If an applicant receives an SBA guaranteed loan for $2 million, the maximum guaranty to the lender will be 75 % or $1.5 million. The exception is the SBA express loans which still have a maximum guaranty at 50 percent.
SBA Fees for 7a Loans:
There are a guaranty fee and a servicing fee when you apply for SBA loans.
- 2 % guaranty fee will be charged for loans of $150,000.
- 3 % guaranty fee will be charged for loans more than $150,000.
- 3.5 % guaranty fee will be charged for loans more than $700,000.
- An additional .25% guaranty fee will be charged for loans greater than $1,000,000.
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