Insights into the world of small business lending and development
Low-Cost Real Estate Financing For Small Businesses: SBA Brings Back 504 Refinancing Program In June
For small businesses with high-cost loans for office buildings, warehouses or other real estate, a new government program offers potential relief: The Small Business Administration will begin accepting applications for its 504 refinancing program on June 24.
The SBA’s 504 loan program offers small business owners a way to access cheap capital for real estate and other major capital expenditures. The 504 refinancing program allows those who already have such debt to refinance it into long-term, fixed-rate loans. That may be especially valuable for entrepreneurs and small business owners who want to get rid of high-cost debt, including adjustable-rate debt, as well as those who have assets that have appreciated and want to take out some cash for expansion.