Heritage Bank Ready To Help Small Businesses & Start-Ups Take Advantage of New SBA Changes to Annual Service Fees & Upfront Fees
The SBA recently announced changes to the annual service fees and upfront fees. As of October 1, the annual service fees are waived on all loans of $500,000 or less. For more details, see SBA 7(a) Fees FY23 Notice.
Small Business Administration loans are designed for growing businesses with positive cashflow but collateral challenges. SBA term notes can be used to finance equipment purchases or business acquisitions, financing for the acquisition of owner-occupied real estate from which to operate a business, lines of credit for short-term borrowing needs, seasonal inventory purchases and working capital.
Heritage Bank specializes in small business banking. As a community bank, Heritage Bank is committed to being a resource for entrepreneurs at every stage of their business. As an approved Express SBA Lender, we offer bankers with deep experience in helping customers navigate one of the most flexible sources available for small business lending.
To qualify, the business entity must be for-profit and independently owned and operated. The business may not be nationally dominant in its field. The business needs to be physically located and operating in the U.S. or in a territory of the U.S.