State Farm Agent Finds Favorable SBA 504 Terms
to Expand Her Business’s Coverage Area

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Thanks to the assistance of Texas Certified Development Company (TxCDC), Dallas-area State Farm Agent Dee Carter qualified for a Small Business Administration 504 loan with a low down payment and a low fixed interest rate so that her small businesses could move to a new location in April 2013.

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TxCDC Helps 1Up Sports Better Meet Needs of Elite Athletes

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Tim Prukop already was thinking about how to build 1Up Sports Performance’s long-term success when he and co-owner Blake Gould opened the doors for business in April 2012. Now thanks to TxCDC’s assistance, this Austin business will reach another important milestone by the end of the year – a custom facility.

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A Banker’s Banker

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Corey Gaskill Brings Decades of Banking Expertise to the Table It takes more than mere product knowledge to make deals work. It takes experience, expertise, competency and professionalism. It takes someone like Corey Gaskill a lending professional with decades in the banking industry. Corey is a well-rounded, veteran commercial lender with both big bank and community bank experience. He has amassed a sizable knowledge base across a broad range of banking products and services. His experience in business development, underwriting and portfolio management, strong technical skills, organizational skills, and customer service all add up to a valuable resource for borrowers and bankers alike. Corey has built a successful business career making projects into reality, from structuring the deal to getting the paperwork through the system and gaining approval; he’s been a “go to” guy for deals of all shapes and sizes. He’s also an engaged community leader who has seen both sides of the borrower-lender table. He knows business, he knows banking and he knows how to make the lending process easier and hassle-free as a result. On a personal level, Corey is a committed supporter of many Austin non-profits. He also enjoys a wide array of outdoor activities and […]

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TxCDC Helps Texas Music Theater Turn Up the Volume

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While Austin may have a reputation as the “Live Music Capitol of the World,” thanks to some creative businessmen and good financing San Marcos’ Texas Music Theater may give Austin a run for its money. Three entrepreneurs with experience in music, entertainment and redevelopment have opened Texas Music Theater, which is the premier venue serving the Interstate Highway 35 corridor and Texas Hill Country.

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TxCDC’s Mission:

Texas CDC helps create jobs and opportunities in Texas communities by helping enterprising owners finance and grow their businesses. “At TxCDC, we’re all about creating jobs. We know that one of the greatest challenges small businesses face is access to capital. That’s why we make it easy for eligible small business owners to apply for loans to use for fixed assets, such as building acquisition, construction or expansion, land purchases and site improvements, or major machinery or equipment to grow their business. Providing small businesses with capital leads to job creation, business growth and increased tax revenues for the community. We are happy to be a part of this growth.” – Suzanna Caballero, President TxCDC

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Points of Order

Procedural points to assure smoother business function Disclosure in Texas Construction Contracts General contractors, subcontractors, as well as property owners are often unaware of the state and federal laws that apply to construction contracts. The majority of these laws are designed to protect property owners and to ensure that contractors act in good faith. Sometimes however, even a contractor that fully intends to treat a property owner fairly can get into trouble if they don’t use professionally drafted contracts that follow both federal and state-specific laws. Doing them “on your own,” or downloading boilerplate contracts from the web might not be the best course to take. Before a construction contract is signed, Texas law requires a contractor to provide a two page construction contract disclaimer. Doing so is not difficult, however, it is a procedure that is easy to overlook. Texas construction contracts also require several other construction contract disclosures. For example, a contractor must include a statement regarding the right to repair. Because construction contracts are subject to both state and federal law, it’s important for general contractors and subcontractors to make sure they aren’t taking unnecessary risks with poorly drafted contracts. The best advice is to seek the […]

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Bank Notes

Points of interest for Lending Professionals • SBA 504 loans provide banks a 50% LTV and the opportunity to say yes to your client’s loan requests. • SBA 504 loans provide up to 40% of the Total Project Costs at fixed interest rates (currently 4.69% for a 20 year term). • SBA 504 Loans normally require only a 10% injection, which allows the business to retain essential working capital for funding future business needs. • SBA 504 loans allow your bank to advance only 50% of the Project Costs to help establish liquidity, and they provide excellent flexibility in managing your bank’s balance sheet. • TxCDC helps take the mystery and complexity out of refinancing your 504 eligible business assets. You can get many of your questions answered quickly by contacting a TxCDC staff member at 800-486-8620 or see our Resources page at www.txcdc.com/resources.

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Borrower Interest

Facts and Figures of interest to business owners • Information from the SBA released recently provides important additional guidance and clarification regarding issues that make refinancing easier and more attractive. Contact your TxCDC representative for details or visit www.txcdc.com/news. • The current interest rate of 4.69% on 504 loans is tied to an increment above the current market rate for 5-year and 10-year U.S. Treasury issues. A typical 1 million dollar loan would currently have a total monthly payment of $6,250 with a 20 year payout. • To be eligible for a CDC/504 loan, your business must have a tangible net worth of less than $15 million and have an average net income of less than $5 million after taxes for the preceding two years.

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