Not all is lost in the trillions of dollars fleeing from your pockets. Good news for the entreprenuer from the guys at SBA.
Effective February 17th, 2009 SBA has been allocated 18 billion dollars somewhere in the "stimulus bill" to help with small business financing. The program is retro active to Feb 17th and expires at the end of 2009 or until the money runs out.
In short, 7A loan fees are now waived. That's 3% to the buyer out the gate, saving tens of thousands of dollars in out of pocket money to feed the feds. Additionally, SBA will now "guarantee up to 90 % of the loan. The typical cap was 75%. Underwriting criteria stays the same however, so don't expect banks to return to loose lending.
Current SBA rates are around 5%.
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About Me
- Craig McKenzie
- Craig McKenzie specializes in industrial and office sales and leasing throughout the San Gabriel Valley and Inland Empire in Southern California. Craig’s commercial brokerage experience include the development and marketing of a 250,000 square foot industrial complex in Rancho Cucamonga, CA and has over nineteen million in commercial sales consisting of 17 industrial and office properties over the last thirty six months. Craig recently represented an investor, closing a 1.1 million dollar single tenant investment property in Richardson, Texas. Craig is a founding member of Commercial REO Broker's Association (CREOBA) and is a CCIM candidate. Craig has over 25 years of management experience including eight years with Wells Fargo and Company. Craig has a Bachelor of Arts in Business Administration and Finance and is a proud member of Kiwanis International and a fifteen-year contributing member of Childcare International. Craig has lived in La Verne, California since 1991. He is a devoted father of three.
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