Massachusetts entrepreneurs borrowing through the Small Business Administration (SBA) have saved more than a quarter-million dollars this fiscal year since the SBA eliminated fees on low-dollar loans for the 2014 fiscal year.

The agency eliminated its guarantee fees on loans of $150,000 or less. For a loan of $150,000, then, that would mean a savings of $2,550, Massachusetts District Director Bob Nelson told Banker & Tradesman.

“It’s not a lot of money per loan, but anytime we can save small businesses money, in my opinion, it’s good news. This is putting money in small businesses’ pockets,” he said.

Statewide, that fee savings totaled around $262,000 on Jan. 10.

While the decision takes effect nationwide, it’s especially meaningful in Massachusetts, which has typically been effective at delivering low-dollar loans, said Nelson. During last fiscal year, 75 percent of loans made under the SBA’s 7(a) loan program fell under the $150,000 benchmark. During this fiscal year, which began Oct. 1, that number is closer to 86 percent, he said.

Additionally, the agency eliminated fees on loans between $150,000 and $350,000 for veterans. On a loan of $350,000, that means a fee savings of $5,250. 

Nelson added that Massachusetts tops the rest of the nation in approvals of loans $150,000 or less.