Search Results for keywords:"SBA loans"

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Search Results: keywords:"SBA loans"

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  • 2024-28273 — Administrative Declaration of a Disaster for the State of New York
    Type:Notice
    Citation:89 FR 95891
    Reading Time:about a minute or two

    On November 26, 2024, the U.S. Small Business Administration declared a disaster in the State of New York due to severe storms and flooding that occurred from August 18 to August 19, 2024. Disaster loans can be applied for online through the MySBA Loan Portal, and applications for physical damage loans have a deadline of January 27, 2025, while economic injury loans can be applied for until August 26, 2025. Suffolk County is the primary area affected, with Nassau County also impacted. The declaration assigns specific numbers for tracking physical and economic injury damages for the affected areas.

    Simple Explanation

    The U.S. Small Business Administration said there's a disaster in part of New York because of big storms and flooding, so people can now ask for help if their homes or businesses got hurt. They can apply online to get money to fix things, and they need to do it by certain dates next year.

  • 2024-31199 — Interest Rates
    Type:Notice
    Citation:89 FR 106719
    Reading Time:less than a minute

    The Small Business Administration (SBA) has announced the Optional Peg Rate for the first quarter of fiscal year 2025, which is set at 4.38%. This rate serves as the base for determining interest rates on certain SBA loans featuring variable rates. Additionally, the maximum legal interest rate for Third Party Lender's commercial loans for 504 projects can be up to 6% above the New York Prime rate, subject to state law limitations.

    Simple Explanation

    The Small Business Administration (SBA) has set a new basic interest rate of 4.38% for some special loans they offer, and they allow other lenders to charge up to 6% more than a key bank rate unless state rules say otherwise.

  • 2025-04987 — Interest Rates
    Type:Notice
    Citation:90 FR 13652
    Reading Time:less than a minute

    The Small Business Administration (SBA) has announced its new Optional Peg Rate for the April to June quarter of 2025, which is set at 4.75 percent. This rate is used as a base for determining interest rates on certain SBA loans with fluctuating rates. Additionally, for a 504 project loan, the maximum allowable interest rate from a Third Party Lender is capped at 6% above the New York Prime rate, unless state laws or constitutions dictate a lower maximum.

    Simple Explanation

    The Small Business Administration (SBA) sets a new interest rate of 4.75% for some loans—and if a bank wants to loan money to help build something special, like a new building, their interest can be up to 6% higher than the New York bank's big number, unless a different rule says otherwise.