SBA Financing

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

 
 
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