Community Business Finance is thankful for the opportunity to offer affordable financing to small businesses in Texas and Louisiana. Our mission is to encourage economic development, and we are dedicated to borrower education about the underutilized 504 Loan Program. As a dynamic resource for our communities, we have created a library of information to help borrowers understand the 504 Loan Program and prepare them for a successful loan outcome.
November 5-9, 2018 marks the fifth annual National Veterans Small Business Week. NVSBW was created to honor Veteran entrepreneurs who continue to serve our country by starting businesses, creating jobs and fueling economic growth.
U.S. Veterans are an integral part of our business landscape. Veterans own and operate nearly one-tenth of the 27 million small businesses in the United States critical to our nation's economy.
October is National Women's Small Business Month, and Community Business Finance recognizes the entrepreneurial women whose talents help sustain our nation's economy. As of January 2018, there are an estimated 12.3 million women-owned businesses in the United States that employ 9.2 million people and generate more than $1.8 trillion in revenues, according to the "2018 State of Women-Owned Businesses Report" commissioned by American Express.
A common misconception about the 504 Loan Program is that the prepayment penalty is much higher than for conventional loans. The prepayment penalty is actually based on the loan's debenture rate and not the effective rate. We will explain the difference, as many borrowers are confused as to how the prepayment penalty is calculated. First, however, we want to address why the 504 Loan Program has a prepayment penalty.
This May, Americans celebrate National Military Appreciation Month. Started by Congress in 1999, this month allows the nation the opportunity to publicly demonstrate its appreciation for the sacrifices and successes made by present and past service members. In addition to Memorial Day (May 28), May honors our military with Loyalty Day (May 1), Military Spouse Appreciation Day (May 11), and Armed Forces Day (May 19).
Since more than half of Americans either own or work for a small business, we celebrate America's small businesses and the big contributions they make in our local communities and to our national economy. Every year since 1963, National Small Business Week, April 29 – May 5, 2018, is our chance to salute the small business owners who create two out of every three jobs for Americans. Despite being the key to our nation's recovery after the recession, many small businesses cannot get the funding they need to expand their operations.