November 11, 2013
Wine industry lenders in the North Bay have seen another uptick in borrower demand in the latter half of 2013, driven in part by a need to process a harvest that appears to rival last year’s crop and a continuing trend of mergers and acquisitions throughout the industry, according to those lenders.
September 10, 2012
North Bay lenders are lamenting the imminent expiration of the U.S. Small Business Administration’s temporary 504 refinance program, which allows a one-time refinance of debt and reinvestment of equity.
The temporary program, launched by the Jumpstart Our Small Businesses (JOBS) Act of 2010, allows a small-business owner to refinance debt through the typical 504 loan structure used for financing property and other tangible assets: a 10 percent equity contribution from the borrower, a 40 percent, 20-year fixed-rate government loan and a 50 percent second mortgage from a second commercial lender. In combination, up to $10 million can be refinanced through the program.