SBA 504 Lending and Small Business NewsOctober 3, 2016
The self-storage market is ripe for sellers, but a recent article in Inside Self Storage highlighted scenarios that keep owners from selling their properties. The first is a desire to keep cash flows, which have been steadily increasing and generate high returns. The second is a lack of a clear plan on what to do with the money from the sale, especially taking into account capital gains taxes. The third is timewise – a lack of property would free up the owner to other uncertain pursuits. Finally, the fourth is uncertainty if now is the best time to sell, which the article author concedes is due to historically low cap rates.
The U.S Small Business Administration is now accepting nominations for its 2017 National Small Business Week awards. According to the SBA, National Small Business Week has recognized the outstanding achievements of America’s small businesses for their contributions to their local communities, and to our nation’s economy. Awards include the Small Business Person of the Year, with a winner in each state, the Phoenix Award for Small Business Disaster Recovery and the Small Business Prime Contractor of the year. All nomination packages may only be hand delivered or mailed to an SBA office.
Banks and the SBA have increased their small business lending within Central Massachusetts, lending $56.1 million through 244 loans to date in 2016. According to the Worcester County Business Journal, several banks with locations in the county have boosted their SBA lending, partly aided by a push from the SBA to increase lending by waiving certain fees on loans under $150,000. There additionally has been a focus on local banks, such as Citizens Bank and Berkshire Bank, making strides in small business lending. In response to the growth, Robert Nelson, the SBA Massachusetts Director, stated, “Worcester area banks have certainly stepped up their game and are doing a lot of activity, helping to propel Massachusetts”
FIVE Things You Need To Know
- The House to vote on cyber bill for small businesses
- SBA offering loans to Kansas counties hit hard by recent storms
- University of Buffalo is awarded $50,000 from U.S SBA through the Growth Accelerator Fund Competition
- How taking its eye off profitability almost caused a Brooklyn small business to fail
- How the SBA 504 program is able to help small businesses throughout Las Vegas