Congress has passed a coronavirus relief/economic stimulus bill. The Legislation includes the following provisions impacting the 504 Loan Program.
NWBDA has changes for 2021. Some of which include the retirement of Debbie Shipman and Patty Weaver, and the hiring of Eric Sartell as a BDO.
NWBDA expands into all of Oregon, and can now provide SBA 504 loans to small businesses all over the state.
To Lending Partners, NWBDA has been serving the Inland Northwest since 1981 and we have had the pleasure of working with many lenders.
Here are some reminders for our lenders and our borrowers to prepare for the payments to resume on October 1, 2020:
SBA issued a Notice in the Federal Register for the 504 Debt Refinancing Without Expansion Program announcing a reduction in the required Borrower’s Contribution for Projects involving limited or single purpose buildings during a recession.
Announcing Don Maryon as Upcoming NWBDA President
The CARES Act was enacted on March 27, 2020 and with it came some changes to all new SBA 504 loans funded April through September 2020. Here are the new requirements and changes:
By innovating and collaborating , Eddyline Kayaks, along with Chinook Enterprises, are able to keep their employees working during this economic crisis while providing their community with the needed equipment.
Congress has passed a $2 trillion coronavirus relief/economic stimulus bill (the CARES Act). The Legislation includes the following provisions impacting the 504 Loan Program:
SBA has reinstated the Personal Resources Test for 504 and 7(a) Loan Programs to aid SBA Lenders in determining whether an Applicant has access to ‘credit elsewhere’. This test will go into effect on March 11, 2020.
Getting turned down for a commercial loan is devastating, but getting a loan that you aren’t fully prepared to repay is no picnic either. That’s why the business advising services of the Washington Small Business Development Center (SBDC) can be so important.