- DATE:
- AUTHOR:
- The SPARK team
TABLE OF CONTENTS:
SBA
SBA and SPARK Update to Guaranty Fees
DATE:
AUTHOR:
The SPARK team
TABLE OF CONTENTS:
The SBA has updated the Guaranty Fee for SBA 7(a) Loans effective Sunday, October 1, 2023. The SBA's information notice can be referenced here.
From October 1st onward, new loans created in SPARK will automatically use the new Guaranty Fee amounts. For loans that are already active in SPARK, a new Guaranty Fee will not be calculated automatically. These packages will show a banner prompting users to apply the updated Guaranty Fee.
The guaranty fee can also be recalculated via Edit Package:
If you have any feedback or questions, please reach out to your Customer Success Manager or email us at support@lendwithspark.com.
TABLE OF CONTENTS: