Recent changes to the Small Business Administration’s 504 loan program now temporarily allow for conventional owner-occupied commercial real estate loans to be refinanced. This change is unprecedented in the program’s history.
It is the SBA’s hope this change could significantly assist small business owners who have commercial real estate loans maturing in the near future. Many borrowers, who have remained current as to their loan payments but have seen their business decline during the recession, may not see their loans approved for renewal. The same is true based on the decline in asset values of their real estate. Combine the decline in business operations and the lower asset values of commercial real estate, and the resulting news from their bank may not be very positive.
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