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Month: January 2016

15 Jan
2016

Economic Injury Disaster Loans

by Michael Pennartz | with 0 Comment | in Blog
Economic Injury Disaster Loans

When disaster strikes businesses suffer great losses. The National Climatic Data Center (NCDC) rates Hurricane Katrina’s damage at $133.8 billion 2007 dollars. The Economic Injury Disaster Loan Program (EIDL) provides up to $2 million of financial assistance to small businesses or private, non-profit organizations that suffer substantial economic injury. The loan program is the only Small Business Administration lending program that is not restricted to small businesses.  The actual loan amount is decided based on the amount of the disaster losses. It is important to note that the loans are offered regardless of whether the applicant suffered physical damage.

You can apply for an Economic Injury Disaster Loan Program online through the SBA’s secure website.  The loan application and loan review process does take a long time, business cash advance lenders can offer immediate financing and working capital solutions to businesses of all sizes.

When disaster strikes your small business or nonprofit organization, as a business owner you may not be in a position to meet your immediate financial obligations. An Economic Injury Disaster Loan comes in handy in enabling you to continue operating as if had the disaster not happened. It allows a business to maintain critical working capital position during the period immediately following an unexpected disaster. However, Economic Injury Disaster Loan Program s do not replace lost sales or revenue.

If you are thinking of applying for an Economic Injury Disaster Loan Program, one of the conditions that you must meet is that your business or nonprofit organization must be located in a county that has been officially declared a disaster area. Your business or organization must also have sustained economic harm as a result of the disaster.

The SBA will provide up to $2 million in disaster assistance to a business or nonprofit organization. This loan cap includes both physical disaster loans and Economic Injury Disaster Loan Program funds. You will not be required to pay any upfront fees or early payment penalties, and the repayment period is determined by your ability to repay the loan.

According Federal Emergency Management Agency, many businesses find it hard to recover after disaster strikes. Almost 40 percent of small businesses never reopen their doors following a disaster because just a few inches of water can cause tens of thousands of dollars in damage. Over the past 5 years (2006-2010), the average commercial flood claim has amounted to just over $85,000.

01 Jan
2016

Certified Development Company (CDC) (504) Loan Program

by Michael Pennartz | with 0 Comment | in Blog
Certified Development Company (CDC) (504) Loan Program

The Certified Development Company (CDC) (504) Loan Program is a long-term financing tool that is channeled towards economic development within a community. Like some other small business financing options, this business loan program funds growing businesses on a long-term and fixed-rate basis for assets including real estate and equipment.

In order to be eligible for the CDC/504 Program, you must meet certain criteria, including:

  1. You must operate as a for-profit company.
  2. You must do business, or plan to, in the United States or its possessions.
  3. For the preceding two years, you must have a net worth of less than $15 million and an average net income of less than $5 million.
  4. Be an eligible type of business. There are eligible and ineligible business as stipulated by the SBA, so be sure to check whether you fall on the list of eligible.
  5. You must not be a business engaged in speculation or investment in rental real estate.
  6. You must plan to use the proceeds for an approved purpose. The proceeds from the 504 program may be used for financing of fixed assets such as real estate and equipment.
  7. You must not have funds available from other sources.
  8. You must be able to repay the loan. This is determined from the projected operating cash flow of the business.
  9. Good character. This is determined from the ‘Statement of Personal History’ that is obtained from the principals of each applicant firm. These statements are used to check whether the principals have a history of honoring their debt obligations and abide by applicable laws.
  10. You must have the necessary management expertise; and
  11. A feasible business plan

The maximum amount of the loan is determined by how the funds will be used.  There are several SBA goals used to determine the maximum loan amount. These include:

  • Job creation: The maximum SBA debenture is $5 million. In general, your business must create or retain one job for every $65,000 provided by SBA.
  • Public policy: The maximum SBA debenture is $5 million or $5.5 million for small manufacturing or when the funds are aimed at meeting public policy goals of energy reduction or alternative fuels.
  • Small manufacturing: For small manufacturers, the maximum debenture is $4 million.

The project assets being financed are used as collateral, and personal guarantees of the principal owners are also required. The maturity terms of the loan are 10 years and 20 years. The 504 loans attract interest rates that are pegged to a rate slightly above the current market rate for 5-year and 10-year U.S Treasury issues.

The fees charged total 3 percent of the debenture and may be financed with the loan.

A company seeking a Certified Development Company (CDC) (504) Loan may also be interested in exploring a business cash advance or other alternative financing.

Tagged Certified Development Company (CDC) (504) Loan Program

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