{"id":20617,"date":"2022-07-05T14:24:14","date_gmt":"2022-07-05T21:24:14","guid":{"rendered":"https:\/\/www.tmcfinancing.com\/?p=20617"},"modified":"2022-07-06T11:25:40","modified_gmt":"2022-07-06T18:25:40","slug":"504express","status":"publish","type":"post","link":"https:\/\/www.tmcfinancing.com\/es\/504express\/","title":{"rendered":"Announcing the SBA 504 Express Program"},"content":{"rendered":"<p><span class=\"font-187003\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20620 size-large\" src=\"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-1024x576.png 1024w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-300x169.png 300w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-768x432.png 768w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-400x225.png 400w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-1536x864.png 1536w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement-18x10.png 18w, https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/504-express-announcement.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>The federal government doubled down on Small Business Administration (SBA) lending as a key economic recovery tool and enacted several enhancements to the SBA 504 program following the pandemic.<\/span><\/p>\n<p><span class=\"font-187003\">The SBA 504 Refinance Program was enhanced to make it accessible to more business owners. Now, the 504 Express Program will help borrowers get approvals sooner, close quicker and lock in long-term fixed rates for 504 loans.\u00a0<\/span><\/p>\n<h4><span class=\"font-187003\">SBA 504 Express Loan Program<\/span><\/h4>\n<p><span class=\"font-187003\">In the Economic Aid Act, Congress grants the SBA the authority to establish a 504 Express Loan Program. Pending SBA rules, Certified Development Companies (CDC) participating in the program, such as TMC Financing, may expedite the approval, authorization, and closing of certain loans less than $500,000.<\/span><\/p>\n<p>For example, it can cover projects up to:<\/p>\n<ul>\n<li>$1,210,000 with 90% financing<\/li>\n<li>$1,382,000 with 85% financing<\/li>\n<li>$1,610,000 with 80% financing<\/li>\n<\/ul>\n<p><span class=\"font-187003\">As the popularity of the 504 program continues to grow, the 504 Express will be a great option for smaller projects to access capital faster.<\/span><\/p>\n<p><span class=\"font-187003\">The 504 Express is slated to expire on September 30, 2023, but it is possible that it becomes permanent instead.<\/span><\/p>\n<h4><span class=\"font-187003\">SBA 504 Refinance (<em>Updated July 2021<\/em>)<\/span><\/h4>\n<p><span class=\"font-187003\">The SBA 504 Refinance Program allows small-to-medium sized businesses to restructure existing debt on their commercial real estate. Borrowers can leverage the equity trapped in real estate and take cash out for eligible business expenses. The cash-out option allows for up to 20% of the appraised value of the property.<\/span><\/p>\n<p>On July 29, 2021 the SBA published <a href=\"https:\/\/www.federalregister.gov\/documents\/2021\/07\/29\/2021-15975\/debt-refinancing-in-the-504-loan-program?\">Interim Final Rule 021-15975<\/a>, outlining enhancements to the SBA 504 Refinance Program. Highlights of the enhancements include:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span class=\"font-187003\">Existing government-guaranteed debt (such as 7a and 504 loans) can be refinanced<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span class=\"font-187003\">Qualified Debt must be at least 6 months old \u2013 down from 2 years\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span class=\"font-187003\">Elimination of the requirement that the loan must have been current on payments for 1 year prior to the application date\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span class=\"font-187003\">Reinstatement of Alternate Job Retention Goal \u2013 all existing jobs may be counted as jobs retained (full-time and full-time equivalent jobs allowed)<\/span><\/li>\n<\/ul>\n<p>For a more in-depth look at the refinance program, <a href=\"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2022\/07\/White-Paper-Refi-6.2022.pdf\">download TMC Financing&#8217;s Refinance Guide.<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The federal government doubled down on Small Business Administration (SBA) lending as a key economic recovery tool and enacted several enhancements to the SBA 504 program following the pandemic. The&#8230;<\/p>","protected":false},"author":12,"featured_media":20621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[25,90],"tags":[387,402,465,8480,320,337,369],"class_list":["post-20617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-sba","tag-504-loans","tag-financing","tag-nevada-small-business","tag-news","tag-sba","tag-sba-504","tag-small-business"],"acf":{"related_posts":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Announcing the SBA 504 Express Program | TMC Financing<\/title>\n<meta name=\"description\" content=\"The 504 Express Program will help borrowers get approvals sooner, close quicker and lock in long-term 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