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SBA 7a Loans, The Race is On
SBA 7a LoansThe government put a cap on the actual amount of money to be lent out that will qualify for having the fees waived. This allocated money was estimated by the government/SBA officials to run out December of 2009. However, due to the rush of applications and the new public awareness of the programs, many experts are estimating that the money will run out by September. Many banks as well, that have never focused on or even closed an SBA loan are also entering the market, as they try to retain market share or get in on the action. The result is more borrowers and more lending institutions that are competing for the limited dollar amount. As implied, borrowers that are considering getting an SBA loan should act quickly. Keep in mind that there is a lag time between when a loan is submitted and when a loan actually closes. An efficiently processed and underwritten SBA 7a loan will take 60 days. If there are snags, the process can take longer. When the money is gone the borrowers will have to pay the typical SBA 7a loan fees, which are considerable higher than typical bank loans.
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