NADCO Shares SBA 504 Refinancing Program Success, over 2,700 loans approved and more than $2.5 billion financed
MCLEAN, Va., Oct. 11, 2012 /PRNewswire-USNewswire/ -- The National Association of Development Companies (NADCO), the trade association for more than 260 of the nation's Certified Development Companies (CDCs), is highlighting the success of the recently expired SBA 504 Refinance program.
CDCs are certified by the U.S. Small Business Administration (SBA) to provide financing to businesses through the SBA 504 loan program.
The two-year program offered through the Jobs Act of 2010 allowed businesses that were in owner occupied real estate to refinance their loans, enabling them to secure lower interest rates, avoid balloon payments and use any excess equity to obtain working capital for eligible business expenses.
"With over $2.5 billion refinanced for approximately 2,700 small businesses across the country, the SBA 504 refinance program has proven to be a huge success. We are extremely pleased with this program and its impact on small businesses across the country," noted Chris Crawford, president of NADCO, who also shared, "Our nation's economy relies on the small business community and these efforts will go a long way towards creating new jobs and sustaining current ones."
The National Association of Development Companies (NADCO) is the trade association for the nation's Certified Development Companies (CDCs). Our members are non-profit organizations that serve every state, as well as Puerto Rico and U. S. territories in the South Pacific. CDCs have been certified by the U.S. Small Business Administration (SBA) to provide financing to small businesses through the SBA 504 loan program. For more information, contact at CDC in your area by visiting the NADCO website, www.nadco.org.
SOURCE National Association of Development Companies (NADCO)