SBA 504 Refinance Rules: A Continuing Strategy for SMEs

Alright, my friends who are running eligible small-scale ventures, let’s talk. Have you heard about the recent changes to the Small Business Administration (SBA) 504 Refinance Program? This, my friends, could be your golden ticket to having greater options to refinance your valuable fixed assets and streamline your business expenses. It’s all thanks to the firm decision made by SBA administrator Maria Contreras-Sweet to make this program a fixed fixture. No fade-outs, no cut-offs — it’s here to stay.

Why, you may ask? Well, Maria’s main objective here is to lighten the financial load for you, the backbone of our economy. And the cherry on top? These changes also craft a lucrative environment for possible expansions and job opportunities. It’s a win-win, folks — for you and the economy.

Betting Big on the 504 Refinance Program

During her speech, Contreras-Sweet couldn’t hide her excitement about these changes. She’s been on both sides, as a small company owner and a banker, so she’s not just thinking, she’s KNOWING that capital accessibility is a real game-changer when it comes to a small business’s survival and growth.

Now, the 504 loan program, with its long-term fixed-rate, aims to offer you a lifeboat in the form of refinancing your debt. It will help you side-step those volatile, adjustable rate loans, ultimately providing you significant savings. Converting your existing loans into a new, cheaper one can elevate your cash flow — and guess what that means? It becomes easier, particularly in this resurgent economy, to keep your business afloat.

Open for Applications: SBA 504 Refinance Program

Don’t worry, the wait isn’t long. The SBA started accepting applications from entrepreneurs like you from June 24, 2016. This initiative, backed by a significant $7.5 billion, came to life thanks to lawmakers, lenders, and small business forces joining hands. This collaboration made the 504 Refinance Program an everlasting asset to facilitate small business growth, thereby nourishing our economy.

A Brief History and What’s Next for the 504 Refinance Program

Just to give you some context, the 504 Refinance Program wasn’t always a permanent feature. Initially, it was implemented as a temporary solution under the Small Business Jobs Act of 2010, but it expired on September 27, 2012. However, on December 18, 2015, as part of the Consolidated Appropriations Act of 2016, this initiative became a fixed feature under the 504 Loan Program.

Today, the SBA holds authorization to approve up to $7.5 billion for both the regular 504 Loan Program and the 504 Debt Refinancing Program. This takes the total authorization to a whopping $15 billion under the 504 lending combination. However, the operational strategy is to keep it restricted to fiscal years with zero subsidy costs to the government.

Running into Issues with Your SBA loan?

If your SBA loan seems to go south, don’t panic. Connect with us at Lawscape — we can offer a free first meeting with our experienced SBA lawyers. We’ll dissect your SBA loan issues and suggest potential remedies such as an SBA offer in compromise.

Why Trust Lawscape with Your Treasury or SBA Debt Problems?

Here’s where we take the stage. At Lawscape, we’ve gracefully resolved millions of dollars in SBA debts through offer in compromise and negotiated repayment agreements — and this is without pushing our clients towards bankruptcy or home foreclosure.

We’ve also effectively defended against millions of dollars in Treasury debts through AWG hearings, Treasury Offset Program Resolution, cross-servicing disputes, private collection agency representation, compromise offers, and negotiated repayment agreements.

And let’s not forget: our attorneys have the green light under the Agency Practice Act to represent federal debtors nationwide — before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service. We’re here for you. So, feel free to join us and sail smooth through your SBA or Treasury Debt waterways.