SBA 504 Debt Refi Advancing in House & Senate
The National Association of Development Companies (NADCO) reports proposals to bring back the popular SBA 504 debt refinance lending resource has gained momentum in both the House and Senate. What is known as the CREED Act (Commercial Real Estate and Economic Development) would allow SBA 504 loans to be more broadly utilized by companies and banks to refinance commercial real estate debt. Popular during a trial run between 2010 – 2012, SBA 504 debt refinance loans also provide flexibility to borrowers who may desire to extend their loan to value on real estate back to 90% to fund other economic development or working capital needs of the operating company. CREED Act legislation is being advanced in the House as H.R. 2266 and in the Senate as S. 966. The flagship SBA 504 lending resource remains open for business as normal. If SBA 504 debt refinance advances, it will provide additional benefits and flexibility to further economic development to York County businesses.
If you have questions about SBA 504 debt refinance or traditional SBA 504 loans, give Kenetha Hansen at YCEA a call (717-718-7841) to discuss further details.