As of May 16, 2012

The Effective Rate for New SBA 504 Loans will be

4.46%

For information, contact:

Roger Sprague

Fernando Alvarez

Kurt Schneider

Regina Grant Peterson 
562-983-7450

800-638-0107 

info@advantagecdc.org  

As we prepare to reflect, let us remember the great business programs available to our Veteran-owned businesses and other businesses as well. Recommend an SBA 504 loan to your borrowers.

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.
Limited time offer!  This is the first time that the Small Business Administration (SBA) has allowed stand-alone refinancing under the 504 loan program.