Small Business Administration Loans
The Small Business Administration (SBA) is a government agency whose mission is to support small businesses and business owners.
On Thursday, June 13, Senators Mary Landrieu (D-LA) and James Risch (R-ID), Chairwoman and Ranking Member of the Senate Committee on Small Business, respectively, held a markup hearing of S.289, the “Commercial Real Estate and Economic Development (CREED) Act of 2013.”
NAR, in coalition with the National Association of Home Builders, sent a letter to the United States Senate urging swift passage of S. 2231, the “Small Business Lending Enhancement Act of 2012,” sponsored by Senator Udall (D-CO) and S. 3522, the “Responsible Homeowner Refinancing Act of 2012,” introduced by Senators Menendez (D-NJ) and Boxer (D-CA).
The U.S. Small Business Administration will be increasing revenue standards for several categories within the real estate industry.
With credit sources hard to access, it seems that more businesses would turn to the Small Business Administration (SBA) and its loan programs for building acquisitions. In spite of today’s sub five-percent, 20-year, fixed loan rates however, the program battles some misperceptions and does little to promote its loans. Read the rest of this issue of Commercial Connections for more information.