Steve Mariani of Diamond Financial Group outlined the following SBA changes in his recent newsletter to intermediaries. You can check out this newsletter at https://diamondfs.com/wp-content/uploads/2023/06/June-Newsletter.pdf

Some of the most positive changes are:

*Sellers can now provide 24 months of seller financing on stand-by instead of the previous stand-by for the entire loan’s life. This stand-by can also be included as a down payment.

*Seller notes can now supply 100% of the down payment vs. 50% previously.

*The seller can now stay on as a “key employee”. This is particularly helpful when a buyer needs a specialty license to operate the business and the seller can provide that service.

*A big change is the removal of the buyer’s personal liquidity rule. This gives more flexibility to high net worth business buyers.