We’re all familiar with the SBA 504 loan program – second lien loans for small businesses acquiring their own facilities. Offered through certified development companies around the country (cdc’s), the 504 program provides up to 40% of total project cost (acquisition, renovation/construction, and soft costs) with a bank or other lender providing 50% in first lien position and the business injecting 10%.
What happens when a deal is ineligible for a SBA 504? Occupying less than 51%; all 20% owners can’t guarantee; the business exceeds SBA size standards… Well – there is an alternative solution – the Community Reinvestment Fund- a forty five year old community development organization which has created a look-alike program to SBA 504. It provides up to 40% of the project cost in second lien position (up to $2.5 million) with borrower putting in just 10%. In addition to financing small businesses including those ineligible for SBA 504, the fund can provide money to not-for-profits acquiring their own facility. The fund can be used to refinance! If the small business or nonprofit owns a building,condo, coop and wants to refinance its mortgages or take equity out for operations, CRF can help. The loans are made through SBA CDC’s as intermediaries. For information about CRF or access to this loan fund, see www.crfusa.com for a list of CDC’s active in the program.
-Roz Goldmacher, guest blogger
Stress is the number one cause of illness in our country. Learning how to manage your stress level is not only a smart decision, but it’s also critically important for your business success. When you are stressed out and feeling overwhelmed, it’s impossible to be at the top of your game. Most likely, your productivity level will drop and the quality of your work may suffer. Your judgment and decision making can become impaired. Certainly, emotions bubble to the surface more easily. Of course, long-term stress can cause serious, even life-threatening, medical problems. Then what good will you be to your business?
Be realistic about what you expect of yourself and don’t over commit. Learn to say “no” and really mean it. Women, including me, have a tendency to take on the world. When you realize you’re not superwoman and you can’t do it all then your opportunity to succeed is enhanced. There are only 24 hours in every day and no one, not even you, can change that. Manage your time wisely so the hours you spend building and growing your business are productive and profitable. Carve out personal time to energize your mind and your body. You understand the importance of taking care of your business assets so make it a priority to take care of the most important one – you.
-Susan Wilson Solovic, guest blogger