May-12 |
20-year Term: 4.46% |
20-year Term RFI: 4.67% 10-year Term RFI:3.99% |
SBA 504 Loan Program for Refinancing is here!
Stemming from the Small Business Jobs Act passed by Congress in September 2010, the SBA refinancing program temporarily authorizes the use of the 504 Loan Program for the refinancing of debt where there is no expansion of the small business concern. The rules have been published, and the loans are now available.
By helping small businesses refinance current mortgages or equipment loans, and lock in lower, long-term interest rates, this temporary Jobs Act program will help to provide the assistance needed by small businesses to avoid liquidation or foreclosure and improve their prospects for survival. It will also help to stabilize the commercial real estate market, as well as encourage lenders to increase lending by improving the health of their portfolios.
Economic Development Foundation announces three opportunities to learn about the new SBA 504 refinancing guidelines for small businesses looking for some additional debt adjustments.
The meeting agenda will be as follows:
Below are the scheduled locations and times:
Contact Bradd Pierce or Gary Witkowski to RSVP via phone at (616) 459-4825, or email at bradd@growmichigan.com or gary@growmichigan.com to reserve your spot prior to the forum you plan on attending.
Economic Development Foundation (EDF) is a local non-profit company that has been financing growing businesses in Michigan since 1981 and specializes in the SBA 504 loan program. The 504 loan program is a long-term financing tool for economic development that provides small businesses with long-term, fixed-rate financing to help acquire major fixed assets for expansion or modernization. EDF staff is dedicated to making the process smooth and seamless with hands-on personal attention.
Learn more online at growmichigan.com or contact Gary at gary@growmichigan.com or 616.459.4825.