Foot-dragging at the SBA

Small Business Owners Still Waiting Hurting

I've been a staunch supporter of the U.S. Small Business Administration (SBA) for years. I believe that this government agency has done quite a lot of good for small business owners and our economy, and it continues to do good in many respects.

Recently, however, I (along with lots of small business owners and lenders nationwide) have become very frustrated with the progress of the SBA 504 Refinance Program. This is a program I’ve been arguing for since 2004, when I was first quoted in the Wall Street Journal about it, because it has the potential to help small business owners and our overall economy during these “interesting” economic times. Despite the benefits provided by 504 Refis, the SBA has been slow to stipulate all the regulations and instructions for using it…and it continues to place tight restrictions on which businesses can qualify for these refinances.

Please watch my video at www.504blog.com for a full explanation of why you should find it unacceptable how the SBA has administered the 504 Refi Program since it became law (as part of the Small Business Jobs and Credit Act) in September of 2010.

Please be sure to voice your opinion by leaving a comment on my blog…and help us do our part by sharing this email and video with others, especially our elected officials. Perhaps our constructive criticism can motivate the Agency to launch these last few provisions well before the law sunsets in less than 14 months from now?

Dedicated to Your Continued Success,

Chris

P.S. Despite the foot-dragging by the SBA, we’re still working to get some 504 Refis done for our Clients (as well as “regular” 504 loans). If you have questions about our 504 loans (aka our SmartChoice® Commercial Loans) and/or would like to get started, email me at ChrisHurn@MercantileCC.com or call me at 1-866-622-4504 right away.

P.P.S. I’m now on Google+ and trying to figure it all out (maybe much like you?). If you have a Google+ account as well, add me to your circles, and I’ll do likewise for you. We’ll see if it becomes a legitimate communication tool going forward…