Young fashion designer making pattern and talking on the phone The U.S. Small Business Administration announced FY19 lending numbers showing that it guaranteed over $28 billion to entrepreneurs that otherwise would not have access to capital to start, grow, or expand their small businesses. "A strong economy is powering America's 30 million small businesses, and the [...]
At BFC, we're always excited to share the news when a new team member joins our team. Please welcome Lee Kleinman, as BFC's newest Business Development Officer. Kleinman comes to BFC with more than 30 years’ experience in commercial lending throughout California, having served most recently as Senior Vice President, Senior Commercial Lender for Wells Fargo. As we [...]
Reason 1: Down payments are much more reasonable Compared to convention loans, the SBA 504 Loan Program only requires 10% down—making it a much more affordable option for small business owners. Conventional loans may require down payments that are 2-4 times greater than what the SBA 504 loan requires. Reason 2: A low, fixed [...]
The U.S. Small Business Administration recently issued an interim final rule that will adjust monetary-based small business size standards for inflation to allow more small businesses to become eligible for the SBA’s loan and contracting programs. The interim final rule was published in the Federal Register on July 18, 2019. The SBA is adjusting its [...]
It's 2020...are you looking to go green and purchase or build commercial real estate that meets the SBA’s green standards? If so, here’s what you need to know. SBA Green 504 Loan has multiple benefits: It allows for both larger SBA loans and multiple SBA loans to the same applicant(s). The Green 504 loan is [...]
Business Finance Capital, a California-based Certified Development Company (CDC) administers SBA 504 Loans on behalf of the Small Business Administration. The loan is particularly attractive to small business owners because it features a below market, long term FIXED rate and only requires a 10% down payment. The requirements to qualify for an SBA 504 [...]
The SBA 504 Loan Program ("the 504" for short) gets a bad rap sometimes. True, the Small Business Administration has some stringent eligibility requirements and the process can be exhaustive, but that doesn't mean it's not attainable for the thousands of businesses that qualify every year. Let's look at FIVE common misconceptions regarding the 504: [...]
