SBA Announces 7(a) Changes

From Law & Entrepreneurship News:

"Over the weekend the SBA announced changes to the 7(a) program that are effective as of October 1, 2004 and will remain in effect until November 20, 2004.

Beginning on Oct. 1, the guarantee fee on loans of $150,000 or less is 2% (up from 1%). For loans between $150,000-$700,000 the new guarantee fee is 3% (up from 2.5%). For loans over $700,000, the fee will remain at the prior level of 3.5%. "