Hurry! 504 Loan Refinancing Program Ending Soon
In 2010 the SBA launched a temporary program to allow small businesses to refinance eligible fixed assets with a 504/Certified Development Company loan. The refinance program is slated to expire on September 27, 2012, so, if you feel that your business could use a shot in the arm, now’s the time to consider the 504 refinancing option!
The SBA’s 504 program offers below market pricing and long term, fully amortizing fixed rates. Borrowers can finance up to 90 percent of the current appraised property value. One of the most appealing features of the temporary refinance program is that borrowers may be able to obtain “cash out” proceeds from the refinancing to pay for eligible business expenses such as payroll, inventory and accounts payable, among others.
Small Loan Advantage 2.0
The SBA prides itself on opening more doors to more dollars in every community, creating an American economy built to last. Last year, in an effort to encourage more small-dollar lending in underserved communities, SBA rolled out a new program called Small Loan Advantage (SLA). The program simplified the application process for 7(a) loan up to $250,000.
Taking into account feedback from our lending partners, SBA is re-launching the Small Loan Advantage program as SLA 2.0. SLA 2.0 makes it even easier to process low dollar 7(a) loans by expanding the pool of lenders to include entities outside of our Preferred Lender Program. We also increased the loan limit for the program to $350,000, lining it up with our other loan products.
The SBA has joined with the Department of Veterans Affairs (VA) and the Department of Defense (DoD) to launch a training program for transitioning service members and veterans to help them become entrepreneurs and create jobs. Currently, the SBA offers three programs through a partnership with Syracuse University. The Entrepreneurship Boot Camp delivers entrepreneurship training for service-disabled veterans. Operation Endure & Grow expands on the ”boot camp” and provides high quality training, networking and mentoring to support Reservists and U.S. Military family members. Finally, Women Veterans Igniting the Spirit of Entrepreneurship delivers high quality training, networking and mentoring to women veterans.
Boots to Business will take these programs one step further, by providing exposure to entrepreneurship training to all 250,000 service members who transition from active duty to civilian life each year.