- DATE:
- AUTHOR:
- The SPARK team
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SBA
SBA and SPARK Update to Guaranty Fees for FY25
DATE:
AUTHOR:
The SPARK team
TABLE OF CONTENTS:
The SBA has updated the Guaranty Fee for SBA 7(a) loans, effective Tuesday, October 1, 2024. You can reference the SBA's official information notice here.
Starting October 1st, all new SBA packages created in SPARK will automatically reflect the updated Guaranty Fee amounts. For existing active packages in SPARK, the new Guaranty Fee will not be applied automatically. A banner will appear in these packages, prompting users to apply the updated fee.
Additionally, users can manually recalculate the Guaranty Fee via "Edit Package."
If you have any questions, please reach out to your Customer Success Manager or email us at support@lendwithspark.com.
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