Opportunity to lighten debt burden
“This is great news for small businesses that need financial breathing room to grow and create new jobs,” said Kurt Chilcott, president of CDC Small Business Finance, a leading nonprofit lender providing Small Business Administration (SBA) loans.
An estimated $222 billion in commercial real estate debt is set to mature in 2016 and 2017. Much of this debt is owed by small businesses still struggling in a lukewarm economy.
Under the new SBA Refinance program, small businesses can take advantage of lower rates, fixed for 20 years, to lighten their monthly debt burden, improve cash flow and stabilize or expand operations.
With rising interest rates, many small businesses will be challenged to qualify for a conventional
refinance loan versus an SBA loan. With the new SBA Refi loan, small business can take advantage of 90% financing.
Small business owners can prequalify for a SBA Refi loan by contacting one of several CDC Small Business Finance loan officers in California, Arizona and Nevada. Or call 800.611.5170.