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January 2010 Headlines |
January's 20-year fixed interest rate is 5.8 percent.
Did You Know...Many SBA Changes Implemented and Proposed
Many changes have already been implemented including the extention in certain fee eliminations and new job creation criteria, but did you know there are many more changes currently under consideration?
Win Big...Just Like Mark Prainito
Mark Prainito of St. Louis Bank received a gift card for referring a loan to St. Louis County Economic Council. You, too, could win big!
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 Did You Know...
Did you know the SBA has made these recent changes to the SBA 504 loan program?
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As of December 28, 2009, the certified development company (CDC) processing and bank participation fee elimination has been extended into 2010, saving borrowers a fee of 1.5 percent of the debenture amount.
- St. Louis County has been designated a Labor Surplus Area, which means each deal must meet new job requirement criteria. Previously, borrowers were required to create one job for every $65,000 borrowed from SBA; now, all non-manufacturing companies must create one job for every $70,000 borrowed.
Did you know that the following 504 changes have been suggested by the National Association of Development Companies (NADCO) and may be approved in the near future?
- Increase the SBA 504 loan limit to $5 million - and $5.5 million for manufacturers - enabling more borrowers to access 504 funds.
- Eliminate the personal resource and credit requirements.
- Increase incentives and program enhancements to entice more lenders to participate in SBA loan programs.
Contact Derek to learn more about how these changes can benefit your clients, and look for updated information in future newsletters about their status.
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