From the desk of Judy Aragon SBA's 504 Loan Program NOW includes Refinancing

Under the Small Business Jobs Act, SBA implemented a TEMPORARY 504 refinancing program which will last to September 27,2012
 
 
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Aug. 4, 2011 - PRLog -- SBA’s 504 Loan Program NOW includes Refinancing

Under the Small Business Jobs Act, SBA implemented a temporary 504 Refinancing Program, which will last until September 27, 2012 allowing small businesses to refinance eligible fixed assets in the 504 program without requirement of an expansion, as is the case with typical 504 loans.  This program provides small businesses the opportunity to lock in long-term, stable financing, as well as protect jobs.

Key program features:

•Temporary launch date: 2/17/2011-9/27/2012

•Borrowers can finance up to 90% of the current appraised property value, or   100% of the outstanding principal, whichever is lower, plus 504 eligible refinancing costs.

•SBA initially opened the program only to businesses with immediate need.  Priority will be on those businesses potentially at risk because they face loan maturity or balloon payments before December 31, 2012.  SBA has subsequently revisited the program parameters, and opened the program to businesses with later balloon payments or that can demonstrate need in other ways.

•The program is structured like SBA’s traditional 504 loan program.

•Applicants must demonstrate that their loans are current and that they have successfully made all required payments in the last year.

•A new independent appraisal is required for all projects.

•SBA will perform full and thorough underwriting on all refinancing applications

•Existing 504 projects are not eligible and cash out refinancing is not permitted.

For those of you wanting to purchase commercial real estate and wish to move your existing business into the space, SBA requires 10% down payment based on purchase price, 25 year terms, rates are between 5-6% fixed.  SBA also allows the addition of working capital to be added to the 25 year term.  Working capital can be used for:

Advertising/Marketing/Website Creation

Employee Hire/Payroll

Inventory purchase

General Business Expansion/Business Acquisition

Refinance Existing Business Debt

Purchase Business Equipment/Including Heavy Machinery

Franchise Purchase

****Contact the professionals at AMAGF, for additional information at: 702-527-7777

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AMAGF, is a Veteran Owned SBA Packaging & Placement Firm, who's main objective is to help Existing & Start Up Businesses obtain the funding needed in order to realize their dream, create better cash flow and give them the ability to hire more AMERICANS.
End
Source:Judy Aragon
Email:***@amagf.org Email Verified
Phone:702-527-7777
Zip:89120
Tags:Sba, 504, 7a, Loans, Small Business Loans, Start-up
Industry:Government, Sba
Location:Las Vegas - Nevada - United States
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