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Posted on Wed, 02/1/2012 - 02:03 PM by
viewed 19 times
SBA 504 lending in Illinois is increasing rapidly as attractive interest rates are being offered, and refinancing opportunities. SBA 504 loan program provides fixed rate and government guaranteed long term loans. This fund is made available with the aim to help small businesses finance purchase, do construction work and renovate commercial real estate. The fund also makes it possible for small business borrowers to acquire machinery and equipments. The SBA 504 program has standardized lending platform and is creating opportunities for businesses to grow and expand operations. It makes available sufficient capital so as to provide refinancing programs for borrowers of small businesses. Recently, the approved SBA 504 loans have totaled $275 million and it is an increase of 14.86 percent from the same period in the previous year. Moreover, in fiscal year 2011, 412 deals are completed that is an increase compared to 2009 when 366 loans were approved. The average loan approval given in fiscal year 2011 is $669,200 which is a straight 21.8 percent increase as compared to 2010 when the average approval remained $549,300. In the year 2009, average loan remained $626,030 that is 6.9 percent lower in comparison to 2011. The SBA funds are made attractive and more easily available in 2011. Above-all, new regulations have made it easy to use SBA 504 loans for refinancing purposes.
MORE NEWS FROM BIZ2CREDITFirst State Bank Of Nebraska Recognized As Community Lender For 2012The First State Bank of Nebraska has been recognized as the Rural/Community Lender of the year 2012. SBA has recognized the bank for its efforts in Nebraska. State Bank Nebraska has served the community in a number of ways. SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. Sound Business Plan is key for Business LoanA solid business plan makes it easy for the business to get access to credit. A solid business plan helps to win customers and it also becomes a strong calling card to secure business loans. Loan Approval Rate Declines Due To Fall in SBA GuaranteeBiz2credit finds overall approval rate of small business loans to increase in April compared to a year earlier. Alternative lenders approved 63% of small-business loans compared to 53.6% a year ago. Approval rate of credit unions is 57.4%, small banks 45.9% and big banks 10.6%. The approval rates are more compared to a year earlier. Minority Business LoanMinority business loan as the term describes is a type of financial help provided to the people of minority background for their business and commercial purposes. Such loans also come in different categories like small business loan, large business loan, loans for men and women. However, the provision of customized loan program is also available as per the specific requirement of a customer or a minority business owner. Likewise, government organizations are also assisting minority businesses and playing a vital role for their business growth including the lower income group. These government bodies not only meet the financial requirements but also socially fortify the financial backward divisions. Besides, women minority business owners are also unrestricted to get the benefit of these loans. In fact certain non-profit organizations are also proactively participating in minority business loan programs with the purpose of advancement of these minority groups. RELATED SMALL BUSINESS NEWSSBA Seeks to Boost Small-Dollar Loans With New Push (Video)The SBA is looking to increase the number of smaller loans in underserved communities with a new push. ... You’re the Boss Blog: A Start-Up Wants to Help You Cut Through the Clutter and Noise OnlineOne concern: the pitch could have done a better job of discussing the potential for competition. ... Want the Right Stuff? Start With Your Help-Wanted AdA top-performing team starts with writing a thorough and accurate job description. Consider these five tips. ... G8 Leaders Call for Growth: Six Things You Can DoLeaders the world over including those at this week’s G8 Summit are calling for economic growth, not just budget tightening, in an effort to combat world market instability and speed recovery. But for all the talk in policy circles, this growth will ultimately come from the private sector and especially here in the U.S., from small to medium sized businesses that create many of the jobs and employ many of the workers already in our economy. Here’s a look at the economic growth G8 leaders are calling for and six things you can do to promote growth in your business today. Business Owners Take SBA Chief to TaskAt a town hall at National Small Business Week, some entrepreneurs complain to Karen Mills about access to credit and high health insurance costs. ... |
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