May 26, 2011
If you own a dry cleaning service, then you know first-hand what a competitive business it can generally be. To get ahead, you may frequently find yourself pondering refinancing your commercial dry cleaning business so as to purchase new or updated hardware, expand your operations, open or get a 2nd location, or maybe simply have some further capital on hand.
You will be happy to note that the Small Business Administration ( SBA ) is ready to help you when it comes to refinancing a commercial dry cleaning shop.
According to an Apr 8, 2011 article on www.westfaironline.com, the Site of the Westchester County ( NY ) Business Journal and Fairfield County ( CT ) Business Journal, the Small enterprise Administration has put into effect a short lived refinancing program under the Small enterprise Jobs Act of 2010. Structured like the traditional SBA 504 Loan, it generally contains 3 elements relevant to refinancing a commercial dry cleaning business : A first mortgage ( or loan ) secured from a bank or other personal lender covering half of the project cost ; a second home loan secured by a junior lien by a SBA-certified development company ( which is backed by a debenture 100 percent assured by the SBA ) covering up to a further 40% of the project cost ; and at least ten percent from the businessperson looking to refinance a commercial dry cleaning business. Thusly, they can borrow up to 90 % of the loan-to-value ( LTV ) of the genuine property of the dry cleaning business.
As the programme was initially designed, if an owner had a commercial real estate mortgage or balloon payment maturing on or before December 31, 2012 to refinance a commercial dry cleaning business with an SBA 504 Programme loan. The SBA has since lifted that date limitation, to make the programme available to more businesspeople, including those needing to refinance a dry cleaning operation. According to SBA officials, it is determined that as many as twenty thousand businesses across the nation will be well placed to take advantage of the SBA 504 Programme in 2011 and 2012, including many entrepreneurs who need to refinance their dry cleaning store.
Another factor behind the choice to abolish the date limitations on this programme was the mortgage collapse and the resulting real estate crunch. One of the goals is to help smaller companies avoid going into foreclosure on mortgages signed before the recession hit, back in the days of overinflated real-estate values.
According to SBA Director Karen Mills, who said in a PR release, ?With the downfall of the estate bubble, many small-business owners have finished up unable to refinance as a consequence of inflated real estate values at the time they took out their mortgage.? Dry cleaners are no exception. This is the break that those needing refinancing a dry cleaning business have been hunting for.
This is where Venture Funding Group and their FAST TRACK programme come in.
Venture Funding Group is an expert when it comes to working with the Small enterprise Administration to help entrepreneurs secure the funding they need for refinancing a commercial dry cleaning business.
Why run around in circles dealing immediately with financiers or the SBA? Venture Funding Group knows ways to streamline the whole process and get things done regarding refinancing a dry cleaning operation.
Under the SBA 504 Programme, owners of dry cleaning stores can refinance a commercial building loan with a lower monthly payment, at lower interest, and with less private risk with a 90% LTV. This ninety percent LTV program from the SBA will help you to find financing even with lower credit scores.
To learn more, click on www.thesbaloan.com now for positively free consultation and guidance. Or call us at 1-800-578-4884.
Entry Filed under: Financial News. Tags: Refinancing commercial Dry cleaning Business, SBA 504 program, Small Business Jobs Act.
sauna pilates carrie fisher autism duran duran rolex pancake recipe
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.