SBA 504 Lending and Small Business News: July 20, 2016

July 20, 2016

Is an SBA loan program by any other name still as sweet to small business owners? SBA Administrator Maria Contreras-Sweet is planning to rename the SBA 7a and 504 loan programs, and is looking for input and name suggestions from the industry. Currently, the names are scheduled to be SBA GO and SBA Real, replacing “7a” and “504” respectively. Contreras-Sweet hopes that this name change will “increase brand recognition, marketing appeal, and ultimately use of the loan program.” If you have any name suggestions, a survey has been created that will be open until close of business July 21.

A Las Vegas company discovered the power of real estate as marketing and used an SBA 504 loan to do it. In order to attract consumer attention, the company constructed a 45-foot tall digital LED billboard with its logo and relevant information on its new office property located in a high-visibility corridor. According to the Las Vegas Review Journal, the company “purchased the building for $1.02 million and built the sign for $200,000 using a SBA 504 loan program that enables businesses to purchase or construct space for their own use.”

The SBA’s Main Street Tour stopped in Vicksburg, Mississippi this past Thursday, continuing a theme of celebrating small businesses throughout the Delta region. Administrator Maria Contreras-Sweet was able to tour the downtown Vicksburg area, stopping by local stores and asking business owners for feedback. The SBA hopes that the trip not only raises awareness about what the organization can do for small businesses, but also to raise awareness about the benefits of small businesses in communities such as those in Vicksburg.

8+1 (That’s 9) Things You Need To Know

  1. Wells Fargo calls thousands of small business loan applicants it rejected to talk about why
  2. 5 ways states are attracting small businesses
  3. Mid Atlantic Real Estate Journal covers Liberty SBF’s new SBA 504 loan program
  4. Mississippi business leaders share concerns with visiting SBA Administrator
  5. Millennials are paving the way for new innovation & increasing social impact
  6. Startup businesses make the world better
  7. SBA loan programs: A guide for self-storage borrowers
  8. Lessons learned from 10 years of running my small business
  9. Small business sold 24k hammocks on Prime Day – almost double that of Black Friday