As part of the Small Business Jobs Act of 2010, the SBA provided temporary authority allowing refinance of existing eligible debt under the SBA 504 loan program. The program, administered through Certified Development Companies (CDC), typically finances acquisition of owner occupied commercial property and large equipment needs. In an effort to stimulate the economy, the loan program can now temporarily refinance certain eligible debt on property, without additional funds being borrowed to expand a facility.
Montana Community Finance Corporation, in partnership with Zions First National Bank of Idaho Falls, Idaho, obtained SBA approval under this temporary authority, and funded the first such loan made in the State of Montana since this change was made to the program.
Derek Ence, owner of Ence Properties LLC dba Hotel Developers Missoula Staybridge, said “I think the SBA helping us small business owners refinance our property in this difficult lending environment... Read More