Debt Refi Now Law
RISBJ Staff | Dec 30, 2015
Today, a permanent 504 debt refinancing program became law. Many years of hard work by NADCO and our members went into this successful moment. It is a wonderful way to end the year.
There are still many months until the refi program can be used. During NADCO’s Annual Meeting, SBA estimated it would take a minimum of 4-6 months to issue the regulations and the forms needed to start the debt refi program again.
As mentioned in the previous email on debt refi, Congress has added several additional restrictions on this iteration of refi. SBA will need to carefully analyze these changes, as well as reexamine the last refi program before issuing new regulations on this topic.
NADCO is already working with SBA to help move this process along quickly, but particularly because this program is now permanent, it is imperative to get these regulations right.
Community Investment Corporation is looking forward to providing this refinance opportunity to our clients.
Please visit our website for details about the 504 Loan Program, or contact us at (203) 776-6172 or (401) 406-7282.
Community Investment Corporation is a non-profit economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island. The company’s mission is to support small businesses entrepreneurs who have powerful ideas and need more power to grow them.
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