Under normal circumstances, the SBA’s loan programs offer many advantages for small businesses trying to secure capital. With recent economic aid passed by Congress (Economic Aid Act), the benefits for small business owners are even better. Live Oak Bank, an NFDA Endorsed Provider, can support you with the new SBA loan enhancements, including:
- SBA will pay their principal and interest for up to six months up to $9,000
- No SBA fees, subject to change based on additional guidance from SBA
- Fully amortized/no balloons
- Loans can include working capital to support their operations
- Loans from $250K - $5M+, varies by product
- Loan terms 10 years for business acquisition, up to 25 years for real estate
- No prepayment penalties for loan terms under 15 years
To understand how advantageous this could be, check out this loan scenario below:
Loans that are approved between February 1-September 30, 2021 will receive these benefits once the loan is fully disbursed, subject to availability of funds. Live Oak is dedicated to getting capital in the hands of small businesses across the country.
For more information on the SBA loan enhancements, contact Live Oak Bank.
Additional Resources: