SBA 504 Loan Fees: From Sky-High to Ground Zero!

January 4, 2024

A Dream Come True for Entrepreneurs

Hey there, modern entrepreneurs and family business owners! Yes, you, the ones who are too busy reinventing careers and making waves to worry about crunching numbers. We’ve got some news that is going to make your wallet do a happy dance.

The SBA 504 Loan Revolution

Remember the SBA 504 loan? That fancy term for expanding your business, buying equipment and buildings, and generally reaching for the stars? Well, folks, it just got a whole lot more appealing.

A Buffet of Savings: No More Fees!

We all know the old adage, “There’s no such thing as a free lunch.” But in this case, the SBA might just be serving up a buffet. As of October 1st, 2023 through September 30th, 2024, they have slashed their program fees for 504 loans. And by slashed, we mean decimated. Obliterated. Sent them packing.

The New Fee Structure: A Game Changer

If your loan is up to $1 million, the fee has not just been reduced, but completely removed. Yes, you read that right. Zero, zilch, nada. For loans between $1 million and $2 million, the fee has been cut by more than half. It’s like a clearance sale on loan fees!

The Fine Print: Remaining Bank Fees

Now, we know what you’re thinking. “What’s the catch?” Well, there are still some bank fees (a mere 0.5% applied to the first mortgage), but that’s small potatoes compared to the savings on offer here.

Take Advantage of the SBA 504 Program

The SBA 504 program just became the equivalent of finding a designer outfit in a thrift store. So if you’re eyeing an SBA loan, now’s the time to pounce. Check with your banker and see how these changes could benefit you.

Final Words: Chart Your Course

So, go forth and conquer, entrepreneurs. The seas of business may be turbulent, but together, we can chart a course to smooth sailing and tranquil waters. Now, who’s ready to make some waves?

Piggybank On Laptop Keyboard In Money Saving Concept
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Donna Bordeaux, CPA with Calculated Moves

Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.