The addressee on your monthly payments has changed. As your trusted partner, you can count on us to alert you to program changes that affect you and your loan with us. Please see below for any action you may need to take.
This week, the SBA announced it has selected PricewaterhouseCoopers as the new Central Servicing Agent (CSA) for the commercial real estate loan program also referred to as the SBA 504 loan. This change is effective immediately and will be reflected in the monthly statements you receive from your bank.
The mailing address has remained the same. Please note the new addressee below:
PricewaterhouseCoopers Public Sector LLP
c/o Wells Fargo Bank, N.A.
Corporate Trust Services
Attn: 504 Central Servicing Agent
9062 Old Annapolis Road
Columbia, MD 21045-1951
Most of you use auto payments, so you don’t need to take any action other than to note the new addressee that you will see on your bank statement. In order to keep it convenient for your small business, as you can see, the impact to you is nearly unnoticeable.
If you have any questions regarding this change, please reach out to us at 800-611-5170 or firstname.lastname@example.org.
*** Did you know? ***
The Central Servicing Agent is an integral part of the process that allows us to provide you some of the lowest commercial real estate loan rates possible!
Each SBA 504 loan is funded by a bond that is sold on Wall Street. As one single investment, it allows investors to compete for bids on the sale of the bond resulting in very low rates for your small business. The CSA then manages and allocates those funds from the sale of the bond across the nation to each individual 504 loan and to each CDC nationwide.
And now you have access to money that is affordable to support your business and success.
Women who own small businesses are among the millions being honored today (March 8) on International Women’s Day, in part because of their strategic use of financing to grow their companies and create new jobs.
The number of women-owned firms is now estimated to have surpassed $9.4 million, generating revenue of nearly $1.5 trillion and employing close to eight million workers. Women-owned firms now make up an estimated 30 percent of all businesses in the U.S.
Women small business entrepreneurs own all sizes and varieties of successful companies. One of the reasons for their success is their ability to leverage capital to grow and create new jobs.
One such business is Chunk-n-Chips Cookies, based in Santa Ana, California. Owner Claudia Gonzales initially leveraged an SBA microloan from CDC Small Business Finance to jumpstart her company and then took advantage of SBA Community Advantage loans to purchase and outfit a food truck and later open a retail store for her unique, yummy products.
Latina Maria Harrington opened Casa de Espanol in downtown Sacramento in 2011. A few years later she’d outgrown her original facility. She found a new 4,000-square-foot location to double the school’s space, but needed cash to renovate the facility. She turned to CDC Small Business Finance which helped her secure an SBA Community Advantage loan. With the expansion, Casa De Espanol anticipated increasing its adult students from 304 to 540, a 77% gain.
February is Black History Month, a time to celebrate the contributions of African Americans in the U.S., including those who are small business owners.
The number of African American-owned small business in the U.S. exceeds 2.5 million. Still, the proportion of African American-owned businesses account for 9.4 percent of all firms, which is still below the 13.1 percent African American share of the U.S. adult population.
One of ongoing obstacles African Americans business owners face is getting small business loans. The Small Business Administration (SBA) recognizes the need African American entrepreneurs have for small business financing and has redoubled efforts to raise the awareness for its low-rate loan programs.
Aftrican American John Palmer, owner of Servexo Protective Services in Los Angeles, took advantage of the SBA microloan program. Three years after launching Servexo, this disabled vet needed capital last year to take a bold leap into a new municipal contract. A $30,000 SBA Microloan was the solution, providing cash-flow flexibility and the ability to outfit his staff with equipment and training.
Other SBA loans available to small business owners include the Community Advantage loan, for business start-ups and expansion, and the SBA-504 loan for buying a building or large equipment. African American business owners can prequalify for SBA loans by answering five simple questions.