Tuesday, November 12, 2013
The U.S Small Business Administration (SBA) last week announced new measures to help get small business loans into the hands of veterans by setting the borrower upfront fee to zero for all veteran loans authorized under the SBA Express program up to $350,000.
This initiative will start on Jan. 1, 2014 and continue through the end of the fiscal year.
“Our nation’s veterans are highly-skilled and highly-trained leaders in their communities,” said Acting SBA Administrator Jeanne Hulit.
“As we honor our veterans and thank them for their service and sacrifice, let’s continue to identify ways to support them when they come home.”
Building on SBA’s recent announcement that for the current fiscal year, fees on loans for $150,000 and under are set to zero, this policy announcement means that veteran borrowers will no longer have to pay an upfront fee for any loan up to $350,000 under the SBA Express program.
SBA provides veterans access to business counseling and training, capital and business development opportunities through government contracts.
In fiscal year 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses.
Since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled.
More information about these and other SBA programs are available by visiting www.sba.gov.