Fee Disclosure and Compensation Agreement for SBA Loans
This document outlines the Fee Disclosure and Compensation Agreement for use with the 7(a) and 504 loan programs. It identifies agents and fees paid by small business applicants seeking SBA loan guarantees. Completion is required to ensure transparency and compliance with SBA regulations.
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How do I fill this out?
To fill out this form, first identify the agent who will be helping you with your SBA loan application. Next, list all the services they will provide along with the compensation details for those services. Finally, ensure that all relevant parties sign the form before submission.
How to fill out the Fee Disclosure and Compensation Agreement for SBA Loans?
1
Identify the Agent and their services.
2
List the total compensation amounts paid by both the Applicant and SBA Lender.
3
Include necessary supporting documentation if compensation exceeds $2,500.
4
Ensure all signatures are completed.
5
Submit the form to the appropriate SBA channels.
Who needs the Fee Disclosure and Compensation Agreement for SBA Loans?
1
Small business owners seeking SBA loans require this form to ensure compliance with fee disclosure regulations.
2
SBA lenders must complete this form to validate the compensation agreements with agents assisting applicants.
3
Loan agents or brokers need this file to clarify their fees and services provided during the loan application.
4
Accountants preparing financial statements for loan applications must use this form to disclose their fees.
5
Consultants involved in the loan process should complete this form to outline their compensation agreements.
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What are the instructions for submitting this form?
To submit this form, ensure it is fully completed and signed by all parties involved. You can submit it electronically through SBA's Capital Access Financial System or by uploading to the E-Tran Servicing for 7(a) loans within two reporting cycles. Additionally, for 504 loans, ensure it is uploaded to the Corporate Governance Repository within 30 calendar days after debenture funds are disbursed.
What are the important dates for this form in 2024 and 2025?
The expiration date for this form is November 30, 2024. It is advisable to submit it well before this date to ensure compliance with SBA loan requirements. Keep this timeline in mind for a smooth loan application process.
What is the purpose of this form?
The Fee Disclosure and Compensation Agreement serves as a formal notification of the fees and compensations involved in the SBA loan application process. This form ensures both transparency and compliance with federal regulations for agents assisting small business applicants. It is a critical document that highlights the commitment to ethical financial dealings in the loan industry.
Tell me about this form and its components and fields line-by-line.
- 1. SBA Loan Number: A unique identifier for the SBA loan.
- 2. Agent Contact Person: The primary contact for the agent.
- 3. Services Performed: Details of the services offered by the agent.
- 4. Amount Paid: The compensation amounts for services rendered.
- 5. Signatures: Signatures from the applicant, agent, and lender to validate the agreement.
What happens if I fail to submit this form?
Failing to submit this form can result in processing delays for your SBA loan application. It may also lead to compliance issues that could jeopardize the entire transaction. Therefore, it's essential to ensure this form is completed and submitted in a timely manner.
- Delays in Loan Processing: Incomplete or absent submissions can slow down your loan approval process.
- Regulatory Compliance Issues: Failure to comply with SBA requirements may result in penalties or rejection.
- Loss of Agent Services: Not submitting this form might lead to complications with agent compensation arrangements.
How do I know when to use this form?
- 1. Engaging an Agent: Complete the form whenever an agent is hired to assist with your loan application.
- 2. Disclosing Fees: Utilize this form to properly list all fees associated with agent services.
- 3. Ensuring Compliance: This form is critical for adhering to SBA regulations regarding agent compensation.
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What happens if I submit an incomplete form?
Submitting an incomplete form may lead to delays in processing your loan application with the SBA.
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