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SBA Homepage
Current Rates
20-year rate: 5.94%
Refinance 20-year rate: 6.23%
10-year rate: 4.89%
Refinance 10-year rate: 5.18
EDF Contacts
Ph. 616-459-4825
Fax 616-458-5736
TF 888-330-1776
Sandy Bloem
Executive Director
sandy@growmichigan.com
Bradd Pierce
Loan Officer
bradd@growmichigan.com
Gary Witkowski
Relationship Manager
gary@growmichigan.com
Seth Beals
Relationship Manager
seth@growmichigan.com
Kecia Flynn
Portfolio Manager
kecia@growmichigan.com
Abbey Byrne
Closing Manager
abbey@growmichigan.com
Jill Dean
Administrative Assistant
jill@growmichigan.com
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March's SBA 504 20-year effective rate is 5.94%. 10-year bonds were sold this month with an effective rate of 4.89%. (Rates may vary slightly based on approval date.)
In this edition - Change in Refinancing Maturity Date! See below.
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Change in Refinance Maturity Date:
Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration's temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.
(The above is taken from an SBA News Release just issued.)
Industry, borrower and bank surveys indicated that the number one issue limiting wider use of the new temporary refinancing provisions from the 2010 Jobs Act is the existing loan maturity date of 12/31/2012.
Today, SBA eliminated that issue by entirely removing any maturity date restrictions on the existing debt that is being refinanced.
SBA indicated that the official notice should be published by April 6.
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"Financing Growing Businesses in Michigan Since 1981"
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