US Bank has introduced a new "fees paid" SBA loan for small business customers utilizing the flagship 7(a) guaranteed loan programme by the US Small Business Administration (SBA).
Through its SBA Division, US Bank will pay the required SBA Guaranty fee for owner or users purchasing business property with a loan up to US$2m. Small business borrowers could save up to US$53,000 on a typical 75 per cent SBA Guaranty, according to David H. Bartram, president, SBA Division.
The mandated SBA Guaranty fees passed on to borrowers increased significantly beginning in 2005, when the programme was re-authorized by the US Congress, Bartram explained.
