7(a) Loan Amount, Fees & Inerest Rates
7(a) Loan Amounts, Fees & Interest Rates
The specific terms of SBA loans are negotiated between a borrower and an SBA-approved lender. In general, the following provisions apply to all SBA 7(a) loans.
CCB funds 7(a) loans from $250,000 to $3 million.
Loans guaranteed by the SBA are assessed a guarantee fee. This fee is based on the loan’s maturity and the dollar amount guaranteed, not the total loan amount. Generally, the guarantee fee is included in the loan.
The normal fee is 3 % of the SBA-guaranteed portion on loans of $250,000 to $700,000, and 3.5 % on loans of more than $700,000. There is also an additional fee of 0.25 % on any guaranteed portion of more than $1 million.
The interest rate is adjustable based on the Wall Street Journal Prime Rate plus 2%.
'SECURITY WARNING: E-mail sent to Community Commerce Bank is not encrypted. Sensitive information such as social security numbers should never be included in any e-mail correspondence.'