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SBA Sets New Terms for 504 Loans

Monday, July 6, 2009

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The Small Business Administration has announced new refinance regulations for the SBA 504 loan guarantee program, as required by the 2009 American Recovery & Reinvestment Act (ARRA) signed in February. The new provisions will open up credit and potentially free up working capital for small businesses by improving cash flow.

 

SBA 504 loans—officially, the Certified Development Company Economic Development Loan Program—are designed to assist entrepreneurs obtain long-term financing for capital assets like the purchase of real estate and expensive equipment.

 

At a press conference June 24, SBA Administrator Karen Mills outlined the new refinancing provisions for small businesses that are expanding stores, facilities or fixed assets.

The new provisions also provide flexibility for banks and other lenders that want to reduce their credit risk on mortgage loans that were made to qualifying borrowers and are now nearing maturity.

By making additional credit available to small business borrowers, this refinancing program will provide more opportunities for them to purchase new real estate assets at more favorable prices in many markets.

Mills encouraged small businesses to contact their local SBA offices, go to www.sba.gov for information on the 504 program, or talk to their local bank lenders about refinancing opportunities through 504.

Additionally, small businesses planning to expand may contact the Certified Development Companies (CDC) in their communities who can provide details on applying for financing. A directory of CDCs is available on the National Association of Development Companies web site: www.nadco.org.

   

Tagged categories: American Recovery and Reinvestment Act; Business matters; Economic stimulus

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