SBA rules and regulations change often which makes it difficult for business buyers to stay on top of the rules. However, yesterday we learned of a SBA benefit that few buyers are aware of and even fewer take advantage of.
If you are a Veteran and you are considering using an SBA loan to purchase your business you can now get up to a 50% reduction in your SBA loan fees courtesy of this little known regulation.
That’s right, 50% off on your SBA fees! Simply inform your SBA lender that you are a Veteran and provide proof of your status and you too can save up to 50%. That could result in savings of thousands of dollars on your loan fees. One of our Buyers recently reduced his SBA loan fees by a whopping $20,000!
Bottom line is don’t rely on your business broker or your lender to tell you about this great program. Be proactive and ask your lender.