The SBA has $7.5 billion in program authority for this commercial real estate and equipment refinance program between now and September 27, 2012.

Contact us now to submit your application.

ELIGIBILITY REQUIREMENTS (updated as of October 12,2011):

Refinance proceeds to be used for:

Owner-occupied commercial real estate.

Machinery and equipment.

Itemized Business Expenses (such as salaries, rent, utilities, inventory, paying-down payables and other obligations of the business).

Closing costs associated with the project.

Loan being refinanced must have been current for the past year with no past dues more than 30 days (loan deferments and/or modifications are now eligible for refinancing as long as borrowers have not been past due on these newly modified terms).

Debt must be two (2) years or older prior to the date the application is received by the SBA.

Small business concern must have been in business for two years prior to the submission of the application.

In addition to a cash contribution, the borrower’s 10% contribution may be satisfied by its equity in the Eligible Fixed Asset(s) serving as collateral for the Refinancing Project or by the equity in any other fixed assets that are acceptable to SBA as collateral. (An independent appraisal of the fair market value of the project assets and any additional assets offered as additional collateral must be provided, dated within 6 months of application submission — we will engage the appraiser).

No refinancing of loans with an existing federal guaranty (includes 7(a), 504 and USDA loans).

Once the SBA has satisfied the immediate demand, it will open the program to the other small business that have balloon notes and ultimately to small businesses that would realize a substantial cash flow benefit as a result of this program.

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