This might be the perfect time to pay off a seller note!!
Currently the SBA is covering up to 6 months of SBA P&I Payments to eligible small business owners.
ADDITIONALLY, the SBA is waiving the SBA Guaranty Fee on new loans approved between February 1st – September 30, 2021 to eligible borrowers until SBA funds are exhausted.
Lenders are actively lending to small businesses that are looking to refinance seller notes which were taken to acquire their current business. Seller notes must have been held by seller for at least 24 months at time of 7a loan settlement date.
SBA is offering 10-year terms (on non-real estate transactions) – no balloon and no prepayment penalty.
SBA is offering maturity terms up to 25-year terms on notes that included real estate in the transaction.
2020 was a tough year for many business owners due to COVID and Customers Bank is working with lenders who are taking this into consideration when underwriting the loans.
Capital Business Solutions has been working with Judy Rosner, VP SBA Lending, Customers Bank, in refinancing ballooning seller notes and working with our clients for their SBA financing needs. Call 800-690-8993 for more details about this important program.
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