SAN FRANCISCO--(EON: Enhanced Online News)--CDC Small Business Finance recently funded more than $24 million in SBA financing to help small businesses in the Bay Area and Sacramento purchase and refinance commercial/industrial facilities.
The financing was provided to Guan’s Mushroom Co., Olson and Co. Steel, Sacramento Laundry, La Quinta Inn & Suites and Thanh Son Hien Khanh, a Vietnamese restaurant. The following banks partnered on the SBA-504 program financing: JP Morgan Chase, Rabobank, East West Bank and California Bank of Commerce.
CDC loan experts Kelly Ryan (Bay Area) and Ed Ryan (greater Sacramento) facilitated the loans, working with banks to help small business owners expand their companies and create new jobs.
One of the loans was initiated using the Small Business Jobs Act SBA-504 temporary debt refinance program. While the temporary refinance option expired last year, the SBA is working to reinstate this program for small businesses.
Through August 2013 (11 months of fiscal year), CDC Small Business Finance approved 394 loans in California, Arizona and Nevada, providing $838 million in total financing to small business.
The current SBA-504 rate is under 6%. For a seven-year history of SBA-504 rates, go to Rate History.
The SBA-504 loan program was created by the SBA for the specific purpose of financing long-term fixed assets such as commercial real estate and large equipment, thereby stimulating economic development and job creation.
CDC Small Business Finance is celebrating its 35th year of making an impact for small businesses by providing needed capital to expand, grow and create new jobs. The nation’s leading SBA-504 program lender, CDC has helped nearly 10,000 entrepreneurs move from being renters to owners, building equity for their companies.
Note: media interested in interviewing small business owners who have secured SBA-504 loans to purchase a building can contact Larry Nuffer, email@example.com, 619.243.8620.