SBA 504 refinance program made permanent

SBA 504 refinance program made permanent

Measure designed to help small businesses grow and create jobs

www.sba.gov/news WASHINGTON — Eligible small business owners now have more options to refinance eligible fixed assets and business expenses through the Small Business Administration (SBA) 504 Refinance Program. SBA Administrator Maria Contreras- Sweet made the program permanent through an Interim Final Rule in The Federal Register released May 26, 2016. This change will help small business owners ease their financial burdens and create incentives for potential expansion and further job creation.

As outlined in the Interim Final Rule announcement, SBA will begin accepting applications from small business owners effective June 24, 2016. Also, concurrent with the announcement, a public comment period will begin for the public to make recommendations that SBA will review for further program enhancements in the future. The public comment period will end July 25, 2016.

“For some time now, we’ve been making the case for the 504 Refinance Program with lawmakers, and now small businesses will have access to $7.5 billion under this program– a measure that I’m sure will prove essential in helping small business expand and strengthen the nation’s economy,” said director Contreras Sweet.

For more information on eligibility and documentation requirements, please see Policy Notice 5000-1382 on the SBA web site, at www.sba.gov.

From David Hall