Update to SBA Financing and Scam Warnings
As an update to our January 14th, 2021 post titled “Emergency Enhancements to SBA Loans” the SBA has just changed the offer to pay 6 months of principal and interest payments paid on the loan post-closing to 3 months of principal and interest. This is a result of the SBA determining that there are not enough funds to cover what was proposed in December 2020. This is unfortunate, but with the other enhancements to the SBA program still in place, Small Business Administration backed loans are a great source for commercial owner-occupied financing.
We are often hearing about scams related to the SBA. Just today we received a call from a person that applied for an EIDL (SBA disaster) loan on a website called sbadiststerpros.com. This is a scam site and the person that called us had money taken from their commercial bank account. You can only apply for the SBA EIDL disaster loan directly through the SBA at sba.gov. Bankers or brokers are not involved with providing these particular SBA funds. This is just one example of many scammers using the SBA name to steal from people and businesses.
If you have any questions about SBA loans or programs or any other type of commercial finance feel free to call us at (912) 243-9404. Advice and consultation from our lending team is always free.
