Northwest Military Blogs: Army West Blog

August 17, 2017 at 2:47am

Discounts expanded on SBA Loan Fees for Veterans

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The Small Business Administration (SBA) is waiving 50 percent of their guaranty fee for some loans to veterans. While many lenders can offer these discounted loans, HomeStreet Bank is also waiving 50 percent of the guaranty fee to thank veterans for their service and provide them access to capital. And, HomeStreet has expanded their offer to cover all SBA loans up to $5 million.

There are two ways for veterans and their spouses to borrow under the SBA Veterans Advantage Program:

Loans up to $500,000

• 50 percent of fees waived by SBA (expires 9/30/2017)

• HomeStreet Bank waives the other 50 percent of fees (expires 9/30/2017)

• Terms up to 10 years for equipment and up to 25 years for real estate

For example, if a veteran took a $500,000 loan with HomeStreet Bank, the SBA guaranty fees would normally be $11,250. Now SBA waives half that, or $5,625, and HomeStreet waives the other half, $5,265. Net guaranty fee for the veteran? Zero!

Loans $500,001 to $5 million

• HomeStreet Bank now waives 50 percent of the SBA guaranty fee for veteran (expires 9/30/17)

• Terms up to 10 years for equipment and up to 25 years for real estate

Here, if a veteran took a loan with HomeStreet Bank of $5 million, the normal SBA guaranty fees would be $138,000. Now HomeStreet Bank will waive $69,000 of those fees to save the veteran 50% or $69,000!

For veterans who want to start, purchase, or expand their business, these savings are significant. Funds can be used to start, buy or expand a business with equipment, buy or construct a building, make leasehold improvements, purchase inventory, and other purposes.

To qualify for these discounts, businesses must be at least 51 percent owned and controlled by an individual or individuals that are:

• Veterans (other than dishonorably discharged)

• Service-disabled veterans

• Active-duty military service member participating in the military’s Transition Assistance Program (TAP)

• Reservists and National Guard members

• Current spouse of any veteran, active-duty service member

• Widowed spouse of a service member who died while in service or of a service-connected disability.

scott.harvey@homestreet.com 206-254-7280

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