The SBA 504 Loan Refinancing Program (Officially known as the Commercial Real Estate and Economic Development (CREED) Act) was originally enacted as part of the Small Business Jobs Act of 2010. The program had a sunset provision that occurred in 2012. In the short period of time that it was active, it was responsible for refinancing $5 billion of debt for U.S. small business owners, with many more borrowers waiting for processing when the program expired.
Small business owners will now have more refinance options as many small-balance commercial mortgage-backed security loans will mature this year and in coming years.
It’s important to remember that the SBA 504 Loan Program is self-sustaining. It requires no appropriation of funds for fiscal year 2016, incurring zero cost to taxpayers.
Click here to read the official press release.