Like in most specialized industries, there are a number of individuals and firms that can assist you with getting what you want. In regards to the 7a SBA loan, there are a number of specialized advisories and "loan packagers" that can assist you with putting together the necessary document to secure the financing that you are seeking. However, the SBA has recently cracked down on firms that offer this type of service because of the extremely high fees often associated with their services. In regards to securing a 7a SBA loan, no fees related to the firms' ability to raise capital can be levied. At the time of closing a bank may charge a certain fee (please see our previous article regarding closing fees related to SBA business loans), but they may not charge bonus points or closing costs outside of what is regulated by the Small Business Administration. Any firm that holds themselves out as a company that specializes in SBA loan packaging must only charge a straight fee for their service regardless of whether or not they are successful in securing your business loan.

Additionally, if you do enlist the assistance of a private SBA Advisory then they must be listed on the form that showcases how much money they were paid for assisting you with putting together the business loan package. They must sign this document and submit it along with the SBA loan application and business plan required by any financial institution that grants 7a SBA loans or any other Small Business Administration related credit facility. Typically, most firms charge between ,000 to ,500 for their services. The ,500 mark is usually the most a firm can charge without having to specify per hour charges, times of day worked, and what type of work was completed.

 

Prior to engaging any firm that can assist you in the SBA loan process, you should always check references with past clients, the SBA (they will be required to show that they have done business in this capacity previously), and professional firm organizations that specialize in SBA loan packaging and/or business loan brokering.