SBA 504 Debt Refinance Program – A Godsend for Businesses|
SBA's Temporary Debt Refinance Program was temporary but deserves consideration by the U.S. Congress to become a permanent part of the SBA loan programs.
The SBA's Temporary Debt Refinance Program, which ended September 27, allowed owners of a growing small business to refinance existing debt and access equity in their business real estate. The cash then could be used for essential business expenses such as salaries, utility bills, rent, inventory and debt reduction.
TxCDC was able to assist small business owners in greatly reducing their monthly payment outlay (with a longer payout period of 20 years at a fixed interest rate of 4.2 percent) and creating essential working capital to strengthen their enterprise.
We hope that the Temporary Debt Refinance Program will become a permanent part of the SBA's loan program! We'll keep you posted.
Call today: 800-486-8620 (512-433-1175)