Manage episode 266444976 series 2518941
November 1st, 2018 the SBA combined SBA Form 159(7a) and SBA Form 159(504) into one form known simply as Form 159.
Form 159 requires applicants to disclose services and fees charged by an Agent hired in connection with applying for an SBA loan whether a 7(a) or 504.
The purpose of this form is threefold.
- To reduce fees paid by applicants in connection with applying for an SBA loan
- To protect applicants from predatory Agents who charge unreasonable fees
- To promote transparency and integrity between all parties involved with assisting the applicant
The applicant is required to complete the form after the loan has been approved.