Are there any fees or closing costs?

The SBA assesses fees based on the program type, amount and term. Occasionally, they may waive these fees. 1st Source may also charge a fee for the loan in addition to closing costs. These fees can most often be "rolled" into the loan and, with the extended terms offered by SBA, the monthly payments are usually still much lower than a conventional loan. The fees are typically assessed only one time and paid at the time of closing, so if you are not approved for a loan or if the loan does not close for another reason, you will not be charged.