SBA supports debt refinance program

The United States Small Business Administration (SBA) is often responsible for getting entrepreneurs the investment loans they need to grow their businesses, expand their product lineup and develop new technologies. However, after a temporary program expired last year, some company leaders lost access to the 504 Debt Refinance Program, which provided small-business owners with long-term, fixed-rate loans that helped them invest in major expansion or modernization plans. 

Will the program make a comeback? 
The program expired several months back, but Jeanne Hulit, an associate administrator for the SBA, said the organization supports reinstating it. She claims the program will provide benefits to hundreds of business owners across the country and allow them to grow, hire and spur economic growth. United States Senator Mary Landrieu recently introduced legislation, the Commercial Real Estate and Economic Development (CREED) Act, that would restart the debt refinancing program, which could be a major boost to entrepreneurs seeking business financing. The bill has bipartisan support, with United States Senators Jeanne Shaheen, Clair McCaskill and Johnny Isakson as its cosponsors. The plan has also seen support from the National Association of Development Companies (NADCO), which believes an extension of the 504 Debt Refinance Program could help business owners, workers and the economy. 

"At this time in our economy, with unemployment still stuck at 7.7 percent, it is imperative that Congress enact measures like the CREED Act to help small businesses access the capital they need to create jobs," said Beth Solomon, president and CEO of NADCO. "This is a no-brainer for both sides of the aisle."

How can small-business owners obtain lending?  
Bloomberg reported there is some skepticism the CREED Act won't be successful in Congress, which would result in fewer business owners receiving the loans they need to grow. Even if the legislation doesn't pass and the 504 Debt Refinance Program is not reinstated, there are other ways for entrepreneurs to find the business loans they seek. While some borrowers may turn to larger banks that promise the world, they may actually have more success working with small and mid-sized local banks. Not only do these institutions often provide more lending and better access to SBA loans, they can also give clients better service than their larger counterparts. Smaller banks have the luxury of offering more personalized options for business owners and can sometimes customize aspects to ensure their companies are successful and have the right cash management solutions.

Content presented by Bridge Bank, offering flexible, customized solutions for entrepreneurs.

Getting Started

Find your ideal banker:

Select any filter and click on Apply to see results

Featured Insights

Valuations in the venture capital (VC) market are either in decline or flattening out, primarily due to inflated...

On April 19, 2016, San Francisco became the first major U.S. city to mandate...

Financial institutions operate at the heart of our economic system and as such, are hyper-aware of market indicators...

As millennials graduate college and move into hip neighborhoods in expensive...

According to CB Insights, the gaming industry has moved through a variety of...

In this modern economy focused on lightening-fast, immediate services, it comes...

Solar energy installation in the United States hit some major milestones in 2015...

A new report from The Tauri Group has declared 2015 a...

Many experts believe that 2016 will be the end of the unicorn startup. Unicorns...

It all started back in 2000 with the objective to capitalize on the explosive growth in technology and provide a...

Recent News

04/28/16
San Jose, CA – April 28, 2016 - Bridge Bank and Trinity Capital Investment, a...
04/01/16
SOUTH SAN FRANCISCO, Calif., April 01, 2016 -- Sunesis Pharmaceuticals, Inc. (Nasdaq...
03/23/16
View the 2015 Western Alliance Annual Report
03/22/16
Following a Record-Breaking Year of Growth, Leading Outsourcing Company Partners...
02/17/16
Durham, NC – Feb 17, 2016 – Bridge Bank today announced the recent hiring...
02/10/16
CARLSBAD, CALIF. -- February 10, 2016 -- Colorescience today announced the...
02/09/16
Los Angeles – February 9, 2016 - Bridge Bank announced today that it has provided...
02/04/16
PHOENIX (Feb. 4, 2016) – Forbes’ assessment of the 100 largest U.S. banks weighed...
01/29/16
San Diego, CA – January 28, 2016 – Bridge Bank’s Life Sciences Group (LSG) today...
11/20/15
MINNETONKA, Minn., November 17, 2015 - Zyga Technology, Inc., a medical device...

Twitter

Featured Insights

Featured Insight

Valuations in the venture capital (VC) market are either in decline or flattening out, primarily due to inflated...

Featured Insight

Financial institutions operate at the heart of our economic system and as such, are hyper-aware of market indicators...

Featured Insight

It all started back in 2000 with the objective to capitalize on the explosive growth in technology and provide a...

Recent News

On April 19, 2016, San Francisco became the first major U.S. city to mandate...

As millennials graduate college and move into hip neighborhoods in expensive...

According to CB Insights, the gaming industry has moved through a variety of...

Twitter