Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
504 Loan debenture rates reduced
The Small Business Administration has announced updated interest rates for the SBA 504 Loan Program offered by Certified Development Companies (CDCs). Small businesses can now apply for the lowest interest rates since July 2018; the program is now allowing 20 and 25-year interest rates of 2.214% and 2.269%, respectively.
The SBA 504 Loan Program is authorized under Title V of the Small Business Investment Act of 1958. The core mission of the program is to provide long-term financing to small businesses for the purchase or improvement of land, buildings, and major equipment, to facilitate the creation or retention of jobs and to support local economic development. Under the program, loans are made in conjunction with private sector lenders to small businesses by CDCs, which are certified and regulated by the SBA to promote economic development within their community. Typical project financing requires a minimum 10% investment by the borrower, a 50% conventional first mortgage from a third-party lender (usually a bank or credit union), and a second mortgage financing up to 40% of eligible project costs.