SBA Rates and Owner-Occupied Real Estate Commentary For January 24, 2014
On Jan. 15, President Obama nominated Maria Contreras-Sweet to lead the Small Business Administration, finally replacing Karen Mills who stepped down nearly a year ago.
Contreras-Sweet will bring her knowledge of “what it means to start a small business, and has a proven track record of helping other small businesses succeed,” according to a statement released by the White House.
The founder of ProAmérica Bank, a business bank in California, Contreras-Sweet brings experience serving the business community to the table. In addition, she is the cofounder of a private equity fund and past head of the California Department of Business, Transportation and Housing Agency, Coleman Report wrote in a recent story.
“I personally love the fact that a banker who has worked to get capital to an underserved section of Main Street has been nominated,” wrote Coleman. “…and being Chair of a small bank, which is also a small business, she is very aware of the regulatory and market pressures facing small business lenders, and small business owners today.”
For more on Contreras-Sweet’s background click here.
The preliminary numbers from Thomson Reuters/PayNet Small Business Lending Index showed that small business funding fell in November to 111.4, six points off October’s index of 117.8. This was after five months of gains.
CPR Report had some interesting news about SBA 7(a) loans. An article noted that voluntary prepayments are up and defaults are low saying there two numbers “continue to diverge.” I wast yet “more evidence that we are in a period of all time low default rates combined with rising voluntary prepayments.” Good news for the health of small businesses.
Finally, the SBA has teamed up with Yelp a popular website where consumers can post reviews of any business, to help small businesses handle their online reputation. Free webinars will highlight how to handle critical feedback, respond to reviews, give them ways to generate buzz online with promotions and monitor leads. The partnership kicked off at the New York Stock Exchange.
Small Business Administration (SBA) Weekly Rate Sheet 1/24/2014
Liberty SBF directly funds Owner-Occupied Commercial Real Estate Loans up to $13M.
3.25% I WSJ PRIME FLOATING RATE
4.24% I 5-YEAR LIBOR SWAP FIXED RATE
For more information about our SBA loan products click here.