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