Lower SBA Loan Fees

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Mike Schillingburg, VP SBA Lending at MidFirst Bank, provided the following update about the SBA lowering upfront fees:

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The SBA has announced new, lower SBA Guarantee Fees effective October 1, 2022.

Loan amounts $1,000,000 and lower are affected.

The Upfront Fees for loans with a maturity date that exceeds 12 months are as follows:

• $500,000 or less: 0%

• $500,001 to $700,000: 0.55% of the guaranteed portion (guaranteed portion is 75% of the loan amount)

• $700,001 to $1,000,000: 1.05% of the guaranteed portion (guaranteed portion is 75% of the loan amount)

• $1,000,001 to $5,000,000: 3.5% of the guaranteed portion up to $1,000,000, plus 3.75% of the guaranteed portion over $1,000,000 (no change here)

As an example, the SBA Fee for a $1,000,000 loan was previously $24,525.   With the new, lower schedule the fee is only $7,875.

This change is permanent, and not stimulus based. 

In addition to the lower SBA fees, don’t forget MidFirst Bank SBA Lending has fixed rates up to 25 years! 

Give me a call today so I may assist your clients with SBA financing!  I’m here to help!

Best regards,

Mike Shillingburg

Vice President SBA Lending

6900 Dallas Parkway, Suite 770

Plano, TX 75024

972-520-4351 Cell

469-497-2425 Office

Mike.Shillingburg@midfirst.com