SBA-504 commercial loan financing approved through June 30th is up 21% from this time last year in the Los Angeles area. June 2011’s time frame showed $606 million in financing while 2012 is toting a whopping $738 million! $81 million of which was used to refinance projects through the temporary SBA 504 Refinancing Program.
“We’re encouraged by the overall increase in activity through three quarters,” said Dean Aloe, senior loan officer for CDC Small Business Finance. “And more small businesses are taking advantage of the SBA’s refinancing program before it expires in September.”
With this increase in SBA financing to the Los Angeles area’s economy will be a wave of new jobs. Over 2,900 new jobs are projected, to be exact.
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If you are interested in the SBA Refinance program or SBA-504 program our Loan Experts in your area are eager to assist. Remember time is nearing for refinancing your commercial mortgage. September is the deadline for all SBA Refinance loan approvals. More info on the SBA RefinancingProgram can be found here.