NORTHERN MICHIGAN'S COMMERCIAL REAL ESTATE SOURCE

Happy New Year! It was a great 2012 and we would like to thank all our clients again for making it a great year and helping Three West become #1 in Sales Volume for commercial sales in the Grand Traverse area.  We saw some major upgrades to Three West last year including the new branding, launching of the new and improved website, and the addition of Ashley Rokos to our staff. Here's to a blessed and prosperous 2013!

Market Recap For Year End 2012

Yes, sometimes the federal government does get it right! While the news out of Washington D.C. is mixed at best with the gridlock on Capitol Hill, this is a great time to be reminded of the good programs that are out there to help small businesses, and in particular, the ones that are designed to create jobs. The U.S. Small Business Administration (SBA) has two loan programs that aid small businesses in doing just that.

 

One of the most effective tools is the SBA 504 loan program. These loans can be used for financing capital purchases such as buildings, equipment, and expansions. The ideal borrower for this program is a growing, for-profit small business (can be existing or start-up) that is looking to purchase a building. The business needs to be in a majority of the square footage. There are several advantages of the 504 program for borrower. This program offers a lower down payment than conventional loans, typically at 10%. With equity at 10%, the bank will lend 50% of project costs, and SBA will lend the other 40%. Additionally, the rate on the SBA piece is near record lows at 4.2%, but the best part is the rate is fixed for the entire 20 years!