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SBA 504 Refinance Rules in Nebraska
As a business owner in Nebraska, you know that managing cash flow is crucial to the success of your business. However, unforeseen circumstances such as economic downturns or unexpected expenses can sometimes put a strain on your finances. This is where the Small Business Administration’s (SBA) 504 Refinance Program can be a valuable tool for your business. In this blog post, we will discuss the SBA 504 Refinance Rules in Nebraska, and how this program can benefit your business.
A Real Nebraska Business Owner Story
John owns a small manufacturing company in Omaha, Nebraska. His business has been growing steadily over the past few years, but he recently faced a setback when one of his major clients went bankrupt. This resulted in a significant decrease in revenue for his business. In order to stay afloat, John had to take out a high-interest loan to cover his business expenses. However, this loan was putting a strain on his finances and he was struggling to make the monthly payments. John was worried about the future of his business and was looking for a solution to help him manage his debt.
What is SBA 504 Refinance?
The SBA 504 Refinance Program is a government-backed loan program designed to help small businesses refinance existing debt. This program allows business owners to refinance their existing loans with longer terms and lower interest rates, providing them with more manageable monthly payments. The SBA partners with Certified Development Companies (CDCs) to provide funding for this program.
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⚡ Key Flexible Funding Options:
GHC Funding everages financing types that prioritize asset value and cash flow over lengthy financial history checks:
DSCR Rental Loan
- No tax returns required
- Qualify using rental income (DSCR-based)
- Fast closings ~3–4 weeks
SBA 7(a) Loan
- Lower down payments vs banks
- Long amortization improves cash flow
- Good if your business occupies 51%+
Bridge Loan
- Close quickly — move on opportunities
- Flexible underwriting
- Great for value-add or transitional assets
SBA 504 Loan
- Low fixed rates through CDC portion
- Great for construction, expansion, fixed assets
- Often lower down payment than bank loans
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Who Can Benefit from SBA 504 Refinance?
Any small business in Nebraska that has existing debt and is struggling to make the monthly payments can benefit from the SBA 504 Refinance Program. This program is particularly beneficial for businesses that have high-interest loans or loans with short repayment terms. By refinancing their debt, business owners can save money on interest and have more manageable monthly payments, allowing them to focus on growing their business.
Why Nebraska Businesses Benefit from SBA 504 Refinance
Nebraska is a state that is known for its strong agricultural and manufacturing industries. With major cities like Omaha and Lincoln, the state has a diverse economy that is constantly growing. However, businesses in Nebraska face unique challenges such as fluctuating commodity prices, extreme weather conditions, and fierce competition. These challenges can sometimes result in financial difficulties for small businesses, making the SBA 504 Refinance Program a valuable resource for them.
Credit Score Requirements
One of the main benefits of the SBA 504 Refinance Program is that it has more flexible credit score requirements compared to traditional loans. While traditional lenders may require a credit score of 700 or higher, the SBA allows credit scores as low as 680 for this program. This makes it easier for small businesses in Nebraska to qualify for the program and refinance their debt.
Approval Process and Timeline
The SBA 504 Refinance Program has a more streamlined approval process compared to traditional loans. Once you submit your application, it usually takes between 45-60 days to receive approval. This can be a huge advantage for businesses that need quick access to funds to stay afloat.
Common Mistakes Nebraska Business Owners Make
When it comes to the SBA 504 Refinance Program, there are a few common mistakes that business owners in Nebraska make. These include not understanding the eligibility requirements, not having a solid business plan, and not seeking professional financial advice. It is important to educate yourself about the requirements and have a solid plan in place before applying for this program.
A Real Case Study
Let’s take a look at how the SBA 504 Refinance Program helped a Nebraska business owner.
James owns a small retail store in Lincoln, Nebraska. Due to a decline in sales and an unexpected increase in rent, James was struggling to make the monthly payments on his current loan. He was paying an interest rate of 8% and had a repayment term of 10 years. After learning about the SBA 504 Refinance Program, James decided to apply for the program. With the help of GHC Funding, he was able to refinance his existing loan with a new loan at an interest rate of 5% and a repayment term of 20 years. This resulted in a monthly savings of $500 for James, allowing him to focus on growing his business.
Frequently Asked Questions (FAQ)
Here are some common questions that Nebraska business owners have about the SBA 504 Refinance Program:
- Q: How much can I refinance with the SBA 504 program?
- A: The maximum amount you can refinance is 90% of the appraised value of your property.
- Q: Are there any restrictions on the type of debt that can be refinanced?
- A: Yes, only eligible business debt can be refinanced with the SBA 504 program, including mortgages, equipment loans, and other business-related debt.
- Q: How long do I have to be in business to qualify for the program?
- A: Your business must have been in operation for at least 2 years to qualify for the SBA 504 Refinance Program.
- Q: Can I use the funds for working capital?
- A: No, the funds can only be used to refinance existing debt.
- Q: Can I use the SBA 504 Refinance Program to pay off my personal debt?
- A: No, the program is only for refinancing business debt.
Ready to Refinance Your Debt with GHC Funding?
If you are a business owner in Nebraska and are struggling to make your monthly loan payments, the SBA 504 Refinance Program may be the right solution for you. At GHC Funding, we specialize in providing financing solutions for small businesses. Our team of experts can help you navigate the SBA 504 Refinance Program and guide you through the application process. Contact us today to learn more about how we can help your business thrive!
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