Home » NEWS » Banking & Finance » SBA loan program revised

SBA loan program revised

WASHINGTON — Small businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets as a result of permanent changes to the U.S. Small Business Administration’s (SBA’s) 504 Certified Development Company loan program. The changes were authorized in the American Recovery and Reinvestment Act of 2009.

The permanent changes will allow small businesses to restructure eligible debt to help improve their cash flow. The 504 loan program can be used to purchase business real estate or fixed assets such as heavy equipment or machinery and expand current development projects.

The 504 loan program is administered through 271 Certified Development Companies across the nation. SBA has begun implementation of the changes by publishing them as a permanent rule in the “Federal Register.”

For more information on the 504 loan program and eligibility requirements, go to www.recovery.gov or www.sba.gov/recovery.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

Leave a Reply

Your email address will not be published. Required fields are marked *

*