SBA Business Loans Bill Becomes Law on Monday!

by Brian Peart
On Monday, the President will sign into law HR 5297, the SBA Business Loans Bill. This bill has huge ramifications on commercial lending AND the economy. Most people don’t realize how big this bill is and the ramifications of it on small business lending.
The key SBA provisions of HR 5297 are noted below:
For 7A:
• Increase to maximum SBA 7a loan amount to $5,000,000 (permanently)
• 90% guarantee through December 31, 2010
• Fee waiver for the rest of 2010 (subject to available funding)
For 504:
• 504 Debenture increase to $5,000,000 for most applications and $5,500,000 for manufacturers (permanently)
• Two year window for refinancing debt (details provided below)
• Two year extension of the First Mortgage Pool (FMP) program from the date of the first pool issuance – first pool issuance expected to be September, 2010
• Fee waiver for the rest of 2010 (subject to available funding)
504 Refinance Provision:
Here is a summary of the provision:
• Property must be owner occupied (51% or greater)
• Debt must be at least two years old
• Borrower in operation for the entire two year period
• Proceeds of which must have been used for 504 eligible fixed assets for the benefit of a small business concern
• Payments must be current for at least one year prior to application
• Maximum LTV on the existing property is 90%
• With additional collateral, the maximum LTV on the existing property is 125%
• Federally guaranteed debt is not eligible for refinancing (7A, 504, USDA)
• Two year window
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Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding. In 2001, I decided I would leave the corporate world and work for myself in a net branch environment. My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.

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