• PAYMENT FORGIVENESS - Any loan that is approved and funds prior to the September bond sale will receive 6 months of payment forgiveness - Under the CARES Act, the SBA will make the borrower's first 6 months of loan payments. Funding is subject to having ALL required documentation prior to closing. Call our office for more details and to see if your loan is eligible.

• RECORD LOW RATES - Reduce your borrower's interest rate risk! Current rates for May fundings (fixed for entire term):

• 2.76% for 25 years
• 2.69% for 20 years
• 2.65% for 10 years

• CASH OUT - Provide needed liquidity for eligible business expenses

• IMPROVE BANK'S LTV

• IMPROVE BORROWER'S CASH FLOW

• Operating Company must be at least two years old.
• Loan to be refinanced must have been originated more than two years ago, be current over the past 12 months, and not be an SBA/government guaranteed loan.
• At least 85% of the original use of proceeds of the note being refinanced must have been used for SBA 504 eligible costs.
• Cash out for eligible business expense is up to 20% of the appraised value, but the SBA 504 loan is limited to an 85% LTV.
• Eligible business expenses can be used for most G&A expenses such as rent, wages, utilities, etc. that will be expenses over the next 18 months.
• Bank term must be 10 years (can reprice anytime). Amortization does not need to match SBA term of 25 years.

• Land equity used for down payment.
• SBA 504 loan allows borrower to refinance existing debt at a low fixed rate for up to 25 years.
• Cash out of $200,000