In this next step, fill out the chart with information about how much you and your SBA lender paid for the following services: The SBA 159 form contains details of where you received your help and the amount you paid. This way, SBA can be sure that you will not be scammed. Write down the name of the agent you used next to Services Performed by. In addition to the Contact Person agent, enter the full name of the person you worked with. Then indicate your agent`s mailing address next to the Address agent. Part of the reason the small business administration is asking for this form is to make sure you won`t be scammed. If the SBA feels that your agent has charged you too much for his services or for unnecessary expenses, he can ask your agent to give you a partial or full refund. Make sure you have the most up-to-date form – the SBA released a new version of Form 159 in September 2018, valid for credit programs 7 (a) and 504. This is the only version currently accepted and expires on August 31, 2021.
After filling out your part of the form, there is nothing else to do for you. Leave it to your lender – it is necessary to keep a copy of the form in the file and may need to file an additional copy after your loan is paid. If you work with an agent who has already performed SBA services, they should have an idea of what the SBA considers a reasonable fee for the amount of work it does for you. If not, you should consult the SBA or your lender to check. If the SBA thinks you paid too much, your lender may have to repay some of its compensation This is a legal form published on August 1, 2014 by the U.S. Small Business Administration and used across the country. To date, no separate notification policy has been provided by the form delivery service. This version of the form is not currently used and serves only as a reference. Download this version of the SBA 159 form for the current year. Finally, take your form to your lender. Let a representative of your lender read the Lender`s certifications before signing and printing their name and writing their professional title and date.
This depends on several factors, such as the . B of the amount you ask for, and the complexity of your application. Reasonable compensation could be between 500 and 4,500 $US. Form SBA 159 is neither an application form nor a loan form.