The SBA 504 Loan has three components: 1) direct commercial loan from the private sector covering 50 percent of the project, and secured by a senior lien. 2) a loan secured with a junior lien from a CDC (like us at BFC) covering up to 40 percent of the cost, and backed by a [...]
What are the top ten reasons for doing business in LA County? With the help of the LA County Economic Development Corporation, here are 20 great reasons to start and run a business right here in Los Angeles County: 1. Large market The area is a large market in its own right, and it [...]
https://youtu.be/SZUdrWWo0RU When it comes to starting a business, it’s extremely common for business operators that have warehouses, offices, even storefronts, to start their businesses in a leased property. It makes sense because it’s more affordable to rent versus own (at least in the beginning), and typically it’s faster to find a location to rent [...]
In 2020, the way small businesses employ freelance workers has changed. Due to Assembly Bil 5 (AB 5), California Governor Gavin Newsom said that the new law “will help reduce worker misclassification — workers being wrongly classified as ‘independent contractors’ rather than employees, which erodes basic worker protections like the minimum wage, paid sick [...]
Meet BFC’s Senior Vice President Lisa Matta in our quick, "5 Questions" interview series: What is your favorite thing about working at BFC? I love working at Business Finance Capital. We really focus on being SBA specialists. What did you do prior to joining the BFC team? I have been in the banking industry for [...]
Despite what you may have heard or think, the rumor about SBA loans taking forever to close isn’t true! It’s possible certain things can slow down the process, but with adequate preparation, the loan process can move much more quickly. Speaking of slowing things down, it’s not uncommon for borrowers to mix up their personal [...]
The SBA's 25-year loan product, which had its first funding in July of 2018, reached a milestone last month after its warm reception twelve months ago from small businesses, banks, and investors; the total amount lent under the program hit a face value of $1.04 billion, skimming past the $1 billion funding milestone in the final [...]
When it comes to securing funding for your business, it’s never too early to be prepared. Particularly If you’re planning to purchase or renovate commercial real estate, the SBA 504 Loan is a tremendous option. The good news is prequalifying can be done before you decide on what the loan will be intended for, and [...]
President Trump recently announced that he intended to nominate Jovita Carranza, the U.S. treasurer, to lead the Small Business Administration. This comes after former pro-wrestling executive Linda McMahon announced last week that she was stepping down. "I am pleased to announce that Jovita Carranza will be nominated as the new @SBAgov Administrator," Trump said Thursday [...]
Recently, Patricia "Patti" Kibbe, NADCO Board Secretary and Executive Committee Member as well as President & CEO of Evergreen Business Capital, testified before the United States Senate Small Business and Entrepreneurship Committee during a hearing titled, "Reauthorization of the SBA's Access to Capital Programs." "It was a true honor to represent the 504 industry and Certified [...]
