Stimulus Bill: SBA 504 Fee Elimination Effective 2/17/09!
Dear TMC Community,
It was announced today that the stimulus bill provision regarding the elimination of all out-of-pocket SBA 504 fees will be effective for any loan approved on or after February 17, 2009.
This includes the 1.5% loan processing fee and the .5 bank participation fee. The fee elimination will apply until the $3.6 billion allocation has been exhausted. SBA estimates it will be in effect for loans approved through approximately December 31, 2009.
Take advantage now!
- No out-of-pocket fees for SBA 504
- Current rate is the lowest since June 2003
We are still waiting for clarification on another exciting provision from the stimulus bill – the ability to offer refinancing using the 504 loan program.
TMC is committed to keeping you informed as new information is announced. Please call me or any TMC staff with questions you have about the stimulus bill.
Barbara Morrison President TMC Development