SBA 504 Lending and Small Business NewsOctober 14, 2016
In a recent interview with Commercial Property Executive, Liberty SBF CEO Alexander Cohen highlighted the benefits of the SBA 504 refinance program and trends he’s seen in the real estate lending area. Liberty SBF, through the SBA 504 program, is able to provide a 90 percent loan-to-value on purchases and refinances, and the firm itself brings more than 50 years of business lending and investment experience. Recently, Liberty SBF was able to close an SBA 504 purchase for a small-business owner in California in 33 days, allowing the owner to access resources quickly without delay.
The U.S. Small Business Administration has partnered with the Milken Institute in order to create the Partnership for Lending in Underserved Markets (PLUM) Initiative. This groundbreaking collaboration was created in order “to develop and test initiatives designed to provide capital to minority-owned businesses throughout the United States,” as published in a news release by the SBA. According to the SBA, the Milken institute is a nonprofit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that generate access to capital, create jobs, and improve health.
The clock is ticking for millions of small business owners, who on December 1st of this year will need to be ready for changes in the rules of overtime pay. Earlier this year, the Department of Labor changed the salary threshold below which workers must be paid overtime from $23,000 to $47,000, which is predicted to affect about 44 percent of small businesses. However, congressmen on both sides of the aisle are working to support legislation to delay the overtime change to a later time in an effort to lessen the impact of the change on business’s revenue following an expected busy holiday season.
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