SBA 504 Now Known as “SBA Grow Loan”
The U.S. Small Business Administration (SBA) announced new names for its two core business loan programs at the Annual Meeting for the National Association of Government Guaranteed Lenders (NAGGL) on Tuesday, Nov. 1. In a video presented at the conference, SBA Administrator Maria Contreras-Sweet told the audience that the SBA 504 loan program will be known as the “SBA Grow Loan.” The agency also changed the name of the popular 7(a) program to “SBA Advantage Loan.”
In a statement released by the SBA, the agency said that the programs’ names were changed to “better reflect their purposes and improve borrower understanding of SBA’s programs.” There will be no impact on the programs’ policies or procedures, only the names will be affected. The statement said that the SBA will roll out name changes on forms and its website over time. “Due to the gradual introduction of the new names, some documents may continue to use the terms 7(a) and 504 during this transition period,” the statement said.
Want to know more about this news or about the SBA Grow Loan (formerly known as the SBA 504 loan)? Call our offices on the East Coast in Philadelphia at (610) 816-0200 or our West Coast office at Los Angeles at (213) 256-0571. You can find Liberty SBF on the web at www.SBAGrow.com.
About Liberty SBF
Liberty SBF, with headquarters in Los Angeles, CA and Philadelphia, PA, has built one of the most innovative commercial lending and servicing platforms in the SBA industry. Liberty provides short term and permanent financing for owner occupied commercial real estate and provides third party servicing and capital markets services to its bank and credit union partners. Liberty SBF is financed by some of the nation’s leading private equity firms, including EBF & Associates, Exigent Alternative Capital, Napier Park Global Capital, and Mainline Investment Partners. For more information about Liberty SBF and its lending, servicing and investment platforms, please visit www.LibertySBF.com.