While Community Business Finance celebrates our 10th anniversary this year, we want to share the top ten reasons to use the 504 Loan Program. 504 loans provide businesses with financing for major fixed assets, such as real estate and equipment, to promote economic growth.
The North Texas Association of Government Guaranteed Lenders (NTAGGL) is hosting the 21st Annual Mid-America Lender's Conference August 31-September 2, 2015 at the Sheraton Dallas Hotel, and Community Business Finance is looking forward to meeting lenders from all over the nation. Join us in booth P1 to discuss the benefits of offering SBA Loan Programs.
Last week we discussed the importance of the SBA Guaranteed Loan Programs in light of the recent 7(a) funding crisis. Without access to 7(a) loans, many small businesses would be simply unable to find suitable financing. There are some valuable lessons to be learned from this latest emergency.
Good news for SBA lenders and borrowers– the SBA 7(a) Loan Program is back in business. On July 23rd the program reached its loan guaranty limit of $18.75 billion. Lending was suspended until the new fiscal year begins on October 1st. Applications were put on a wait list for approval until funds were available again. Fortunately, Congress voted to raise the cap on 7(a) loans by $4.75 billion to $23.5 billion, which President Obama signed into law on July 28th.