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Facts About the Benefits of SBA 504 Loans for American Small Businesses
The National Association of Development Companies (NADCO) is the trade association for the nation’s 270 Certified Development Companies (CDCs). CDCs are certified by the U.S. Small Business Administration (SBA) to provide financing to small businesses through what is called the SBA 504 loan program. Members are non-profit organizations that serve every state, as well as Puerto Rico and U. S. territories in the South Pacific.
Chris Crawford is the president of NADCO. The organization is based in McLean, Virginia.
NADCO is actively supporting the SBA 504 refinance program, a time-limited opportunity that is due to expire 9/27/12. This powerful program offers businesses the opportunity to refinance their small business loans and withdraw equity for working capital. The program offers lenders the opportunity to bring owner-occupied commercial real-estate portfolio back into regulatory compliance and reduce overall CRE portfolio concentrations.
FINANCING
The 504 industry is responsible for financing more than $45 billion to about 130,000 of America’s small businesses over the past 25 years. The total project amount funded has been over $112 billion in small business financing projects. With NADCO’s support, the 504 program’s loan authority is up from $400 million in 1991 to $7.5 billion in FY 2011.
REFINANCING
Many small business owners are not aware that if they have a commercial business loan (non-SBA loan) they can refinance that loan at very low rates using the 504. For many small businesses, this has meant the difference between success and failure. However, this program is scheduled to end on September 27, 2012.
Small businesses can SAVE money and time using the 504 refinance program. The 504 Refinance program allows small businesses to use excess equity to obtain working capital for eligible business expenses.
The 504 refinance loan program is designed for small businesses that have outstanding commercial real estate and/or commercial real estate loans. Businesses can refinance up to 90% of the appraised value of available collateral.
SBA estimates that as many as 8,000 businesses may participate in this 504 refinancing program during the current fiscal year, which will provide up to $7.5 billion in SBA-guaranteed financing leading to total project financing of almost $17 billion.
The 504 refinance loan program enables small businesses to:
Use excess equity to obtain working capital for eligible business expenses
Lock in long-term, fixed-rate, low-interest commercial financing
Help expand those businesses, create jobs and benefit consumers too
Consolidate existing debt
Finance eligible business expenses, saving working capital
Other benefits include:
consolidate existing debt (balloon and/or high interest rate loans)
lock in long-term, stable financing, reduce fluctuating expenses
finance eligible business expenses, save needed cash-flow
protect jobs and hire additional staff, supporting the local community
include closing costs in the transaction, eliminating cash-flow drain
Cheap Bad Credit Loans: Viable financial option for the poor creditor
Normally, most of the people think that getting financial aid is not possible for the bad creditors. Earlier this statement was right but in this era this is completely wrong. Now financial lenders have introduced several financial schemes especially for the benefits of worse credit borrowers. If you are also affected with worse credit records and need financial aid then considering cheap bad credit loans could be a viable option.
The best thing about cheap bad credit loans is that the creditor will never held any credit screening process while approving the funds. He only checks your repayment capability only for confirmation that you are able to repay the loan amount or not. If you prove this thing to him youll get your funds soon and cash will automatically transfer in your checking account. Thus, bad credit people may equally also eligible to apply for these loans.
These are basically a small term financial loans through which you can fetch amount varying from £1000 to £25000 on the basis of your need and repaying capability. Plus, youll get the reimbursement period of 1-10 years that is enough to repay the borrowed funds. Well, with the approved cash you can get rid of all the awaiting payments easily.
The best part of this loan is that now you can access swift cash without meeting prolonged collateral evaluation criteria. Hence, being a tenant and non-homeowner you may eligible to apply. Though, you charged with marginally higher interest rates. Relax! No stress has to be taken because valid comparison may surely avail you better deal on affordable price.
You can use the borrowed funds in any way you want like paying monthly telephone bills, debt consolidation, credit card payments, holiday trip, small wedding needs, pay off school & college expenses etc.
While you are applying for small bad credit loans usually lender will not ask you to complete or fax numerous documents to him. Just fill out the online form with comfort of your place and grab quick funds by the next 24 hours directly form your bank account.
Now, bad credit people may also avail the quick financial aid for their different purposes with ease.