SBA 504 Lending and Small Business News: September 8, 2016
In response to this week’s earlier Labor Day celebrations, Jim Blasingame, host of The Small Business Advocate, a nationally syndicated radio show, highlighted why we should celebrate a Small Business Day. In an article for Nasdaq.com, Blasingame suggests that we should celebrate the day on the second Sunday of August, which would both avoid a high amount of payroll expense and wouldn’t conflict with politicians’ vacation time from Congress. Although there is a small business week celebrated by the U.S. SBA, Blasingame argues that small businesses deserve more recognition – after all they account for over 98% of all U.S. businesses and produce over half of the US GDP.
Liberty SBF was recently featured in the Houston Chronicle, showcasing a Q&A with CEO Alex Cohen and detailing plans for an expansion in Texas. Cohen highlighted Liberty SBF’s participation within the SBA 504 program, which is able to produce up to 90% loan-to-cost financing for small businesses and provide access to capital for real estate acquisition. Interest rates can be expected to be in the low fours, and in order to qualify the business owner has to occupy at least 51% of the real estate their purchasing, excluding some property types such as gaming establishments.
Franklin Fixtures, a high-quality display manufacturer, was recently highlighted in Forbes magazine for its success after obtaining a $1.65 million SBA loan from Ridgestone Bank. The company was invested in by Lisa Uhrik and her husband Dave from Cookeville, Tennessee, who were looking to revitalize a company that had potential for growth. Because of the SBA loan, the Uhrik’s were able to grow the company by relocating to a 5.5 acre building, repaving the parking lot, and consolidating debt, all of which helped them realize their dreams. In the end, Franklin Fixtures was able to triple production and generate new jobs with fair wages in the community, creating a win-win for everyone.
8+1 (That’s 9) Things You Need To Know
- Coleman’s movers and shakers for the week
- Clinton’s revised small business agenda: less paperwork, bigger deductions, and more SBA
- Why you should consider an SBA loan to finance your business in New Jersey
- Workers’ compensation insurance and self-storage: not just another business expense
- With occupancy high, hotels seek to avoid online booking services and their fees
- All about the CREED Act that could unlock billions in refinanced loans for small businesses
- Thanks to a SBA MicroLOAN, Ruff Tough Kennels has expanded to a new manufacturing campus in Tea, South Dakota
- Appreciating the big role of small businesses at Harvard Business School
- First Tennessee donates $5 million to help small business lending fund