The intermediary is responsible to ensure that the applicant’s business plan and other documentation is in proper order to receive consideration from an SBA lender. Once the intermediary is satisfied with the package, it is sent to the SBA for expedited processing. To find an intermediary in your area, contact your local SBA office.
If the SBA decides that the application is eligible for funding, it will issue a commitment letter on behalf of the applicatn. This letter, also known as a “prequalification” letter indicates SBA’s agreement to guarantee the loan under certain terms and conditions. The intermediary then helps the borrower located a lender. The final step is to submit the application and letter to the lender for approval.
$250,000
Maturity terms, interest rates, additional fees, prepayment penalties, and other policies all follow the standard 7(a) Loan Program.
