As of January 11, 2011 The Effective Rate for New SBA 504 Loans will be 4.83% For information, contact: Kurt Schneider As we prepare to celebrate the birthday of Dr. Martin Luther King, Jr., Advantage CDC hopes that more small and medium-sized business owners realize their dreams in 2012. To take advantage of the fixed rates offered under the SBA 504 loan program, call the finance professionals at Advantage CDC today.
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SBA EXTENDS DECEMBER 2012 MATURITY DATE FOR TEMPORARY REFINANCING PROGRAM SBA has created a new 504-refinance program that will last until September 27, 2012: SBA will begin accepting applications for refinancing from small businesses that have a loan maturing after December 31, 2012 on April 6, 2011. · Refinancing is only available for conventional (non-SBA) loans that were originally used to finance fixed assets (commercial property/equipment).
· Loans to be refinanced must be more than 2 years old on the date the application is received by SBA.
· Loans to be refinanced must be current throughout the most recent 12 month period.
· The small business concern must have been in business for more than 2 years prior to the submission of application.
· The Third Party loan and the 504 loan combined can not be more than 90% of the fair market value of the fixed assets securing the loan. · The 10% owner’s injection requirement can be met either with cash or with equity in the fixed assets being financed. |
