News
LOS ANGELES: SBA Loans Get Easier
It's no secret that SBA financing helped fuel the small building-for-sale market during the recession. (When there was no one else, SBA was there... just like your mom or that guy you're stranded on an island with.) In time for National Small Business Week, TMC Financing SVP Ron Coomes tells us the SBA eliminated two key requirements, including the personal resource test, meaning higher-net-worth individuals can participate in the SBA 504 loan program. The SBA also eliminated the nine-month rule (unless you're a fetus); while still open to interpretation, it's expected to allow businesses to apply more of their project costs toward their loan down payment.
