
SBA NEW Program Overview
7a
- Increase to maximum SBA 7a loan amount to $5,000,000 (permanently)
- 90% guarantee through December 31, 2010
- Fee waiver for the rest of 2010 (subject to available funding)
504
- 504 2nd TD increase to $5,000,000 for most applications and $5,500,000 for manufacturers (permanently) – now can do a combined 504 loan of up to $10m.
- Two year window for refinancing debt (details provided below)
- Fee waiver for the rest of 2010 (subject to available funding)
Special Use Property Types – 7a Program
- Flagged gas stations – all 50 states up to $5m (not new to program)
- Flagged hospitality, interior corridor – all 50 states up to $5m (not new to program)
- Car wash - all 50 states up to $5m (not new to program)
- Self-Storage Facilities – new to the SBA program
504 Refinance Provision
Here is a summary of the provision:
- Property must be owner occupied (51% or greater)
- Debt must be at least two years old
- Borrower in operation for the entire two year period
- Proceeds of which must have been used for 504 eligible fixed assets for the benefit of a small business concern
- Payments must be current for at least one year prior to application
- Maximum LTV on the existing property is 90%
- With additional collateral, the maximum LTV on the existing property is 125%
- Federally guaranteed debt is not eligible for refinancing (7A, 504, USDA)
- Two year window
Please call or email us for rate and term quotes!! For specific SBA Loans information in your area, please reference the pages below.