Community Business Finance will attend the NADCO 2015 Annual Meeting November 11th – 13th. We are thrilled that this meeting is being held in New Orleans, and we can't wait to show off all that is so special about this city. We look forward to gathering with other Certified Development Corporations and industry experts to discuss issues facing the 504 Loan Program and the CDC industry.
This week, November 2-6, is 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.
With more than 27 million small business in the United States, small businesses are critical to our nation's economy, employing over half of the country's private-sector workforce.
Paulo Coelho wrote, "Life has many ways of testing a person's will, either by having nothing happen at all or by having everything happen all at once." While every business owner dreams of a successful enterprise, rapid growth can feel like everything is happening all at once, and can actually create obstacles to getting the financing a business needs. Community Business Finance's 504 Loan Program works within your company's financial framework to successfully deal with these roadblocks.
Community Business Finance is celebrating our 10th anniversary, and in honor of this milestone we want to share 10 great reasons the 504 Loan Program is a better loan for your business financial needs. As a reminder, the 504 Loan Program provides businesses with financing for major fixed assets such as office buildings, retail buildings, warehouse facilities, machinery and equipment.
SBA loans provide financing for almost every business purpose, including real estate, equipment, working capital and business acquisition. Usually the SBA 7(a) loan gets all the attention, and it is the most commonly used SBA loan. 7(a) loans are designed for working capital, and funds can be used toward purchasing a business. However, there are many benefits to the 504 Loan Program that should not be overlooked, even when purchasing a business.
It's that time of year again: tax season. Community Business Finance wants to remind you about the importance of completing your tax returns and how your returns can affect your ability to get the business financing you need. When applying for an SBA loan, lenders will look very closely at your tax returns. It is a key piece of information that gives lenders a wealth of insight into the health of your business.
There is good news for small businesses and for SBA loan programs. Representative Steve Chabot is the new chairman of the House Small Business Committee. The Small Business Committee oversees the SBA and serves as an advocate for small businesses in Congress.
Chabot has served on the committee for 18 years and has been a strong supporter of most SBA programs. He has previously co-sponsored legislation to simplify the SBA loan process and financial reporting requirements for small companies.
Often there are real obstacles to getting conventional financing that your business needs, especially if you are a start-up. Start-ups do not have the financial history needed for a traditional lender to accurately assess the loan risk. Sometimes, a new business is so unique that the building they need is considered a special purpose property that can deter lenders. This is where Community Business Finance's 504 Loan Program can make a real difference.
Community Business Finance is celebrating our 10th anniversary in 2015. We are dedicated to providing business loans for business dreams. Since 2005, our mission is to help companies expand with long-term, low down payment, fixed-rate financing. We promote job creation in our communities by providing the best available financing terms to the businesses we serve.
The SBA 504 and 7(a) loan guarantee programs are designed for different business needs, with different goals in mind. The 504 loan is intended for economic development; therefore, its use is restricted to real estate and fixed asset purchases, as these promote job creation. The 7(a) loan can be used for working capital for almost any business expense. While the 7(a) loan can also be used for real estate purchases, the 504 loan is better suited for this purpose.
