SBA 504 Lending and Small Business News: April 11, 2016April 11, 2016
Capital Access Group is being recognized as the fastest Certified Development Company (CDC) in California for turnaround times on SBA 504 loan approvals. The CDC is also in the Top 10 in the entire country, receiving a 4-star rating—the highest rating available—from the SBA for its work. Capital Access Group turns loans around in an average of 5.2 days, almost half the time compared to the national average of all CDCs of 9.6 days. The average is based on the 6-month period ending on Feb. 29, 2016. “In California’s competitive commercial real estate market, quick turnaround time is essential,” said Jacklyn Jordan, President and CEO of Capital Access Group.
Small banks make more than half of the loans to Main Street businesses, according to a report released last month by the Federal Reserve Bank. Traditional bank lending continues to be the primary source of financing for small businesses. Credit applicants were most successful and most satisfied with their borrowing experience at small banks. Small banks approved at least some of the amount requested for 76% of applicants, while large banks approved 58% of applicants.
Further, small banks earned a satisfaction score (the net percent satisfied with their overall experience) of 75 among approved firms compared to a score of 51 for large banks.Online lending ranked lowest in customer satisfaction.
22% of employer firms say managing cash flow is their top business challenge, above business costs and far above government regulations and taxes. The report surveyed 3,459 small businesses in 26 states.
8+1 (That’s 9) Things You Need To Know
- Get ready for a Zuckerberg reality show
- Survey: Washington out of touch with small businesses
- Community banks essential to success for small businesses
- NY lawmakers to review online lending to small businesses
- Real estate tech startup competition to award $25K
- Keeping ecommerce info safe
- Understanding tax obligations for a new business
- It’s booming for NJ women small-business owners
- Minimum wage set to rise in CA, NY