Small Business Sba-504 Loan – Small Business Opportunities

The SBA-504 loan is a great tool to help small businesses grow, but its often left out of the discussion business owners have with their financial advisors. SBA-504 Loans Help Biz Grow SBA-504 loans are specifically designed to help small business owners buy, improve or construct a building, or purchase large equipment. The SBA-504 loan is a great tool to help small businesses grow, but its often left out of the discussion business owners have with their financial advisors, said Kurt Chilcott, CEO/President of CDC Small Business Finance. SBA-504 financing appeals to small business owners who are weary of paying rent and want to build equity for themselves. The program allows entrepreneurs to access low-fixed-rate, 20-year financing upwards of $20 million with a minimal down-payment (10%). The current SBA-504 rate is 4.94%, fixed for 20 years. The most significant advantages of SBA-504 loans include: Preserving cash to meet working capital needs Tax savings To qualify for an SBA-504 loan, businesses must be: Owner-operated For profit Organized as a sole proprietorship, corporation, partnership or LLC Have a business net-worth below $15 million and a net-profit after taxes below $5 million within the last two operating years The SBA-504 loan program was created to stimulate economic development by helping small businesses expand and create new jobs. Certified development companies like CDC Small Business Finance partner with banks to provide these specialized loans. To further help small businesses expand, the SBA-504 program includes several extra provisions, including those for energy efficiency and veteran-owned businesses. The SBA-504 Green Loan provides higher lending amounts for small business owners who want to buy or upgrade commercial/industrial buildings and make them more energy efficient. Buildings over $20 million can be financed using this unique program offered jointly by a bank and CDC Small Business Finance.
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NCRC Releases White Paper on Improving the Quality and Accessibility of Small Business Loan Data

The collection and public reporting of small business lending data was mandated by Dodd-Frank to shine a light on lending activity and inactivity when it comes to serving women-owned, minority-owned and small businesses, said NCRC President and CEO John Taylor. It is absolutely critical that the CFPB move forward with requiring the reporting of robust small business loan data. It is also important that they make the data easily accessible. Better data will help to motivate responsible lending to underserved communities and improve access to credit. Congress put this data collection into law and its time for the CFPB to put it into action. NCRC provides recommendations on the types of data that should be collected, the institutions that should be required to report the data, and how the data should be collected and made accessible: Among the data elements required to be collected on race, ethnicity, and the revenue size of the business, NCRC recommends subcategories to provide more details on lending patterns to a greater variety of racial and ethnic groups and microbusinesses. NCRC also recommends capturing information on which borrowers applied and which were denied on loan applications, and the type and purpose of loans. NCRC recommends the collection of additional data elements beyond those required. These data elements include pricing data on the loan, the creditworthiness of the small business owner and the small business itself, and the number of employees of the business. To ensure a comprehensive picture of small business lending, NCRC recommends expanding the types of institutions required to report data to include banks of all sizes and non-banks, such as credit unions and non-depository lenders. Currently, five separate government agencies collect and release small business loan data using different specifications. To streamline this process, NCRC recommends these agencies report their data to the Federal Financial Institutions Examination Council (FFIEC) for centralized compilation and dissemination. When releasing the data, NCRC recommends that the data be placed on the FFIEC and CFPB websites in an easy-to-use format for performing data analyses.
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