Is there other expenses or charges?
SBA 7(a) performing Capital or Debt Consolidation / Refinance Loans: Banking institutions into the SmartBiz system typically charge a one-time application charge of no more than $3,000. The SBA charges an assurance charge. For loans as much as $150,000, the SBA guarantee charge is usually 1.7percent of this loan quantity (or 2% associated with guaranteed portion). Exception: For 7(a) loans in a Rural that is eligible Area HUBZone the guarantee cost is paid off by about 67%. For loans of $150,001 to $350,000 the SBA guarantee charge is 2.25% associated with loan quantity (or 3% regarding the portion that is guaranteed For loans of $500,00 to $700,000: SBA guarantee cost is 3% for the guaranteed part (or 2.25% associated with loan quantity). For loans of $700,001 to $5,000,000 the charge is 3.5% associated with the fully guaranteed part as much as $1,000,000 plus 3.75per cent for the assured part over $1,000,000.
Bank closing costs typically add about another $450 you need to include bank that is standard though extra 3rd party report fees may use.