The 504 Report - November 2005

Current Rates
November Bond Sale Rate: 6.438% (20 year fixed rate)

	2005 Annual Meeting

	BFG’s Chairman, Jim Scanlon, and SBA’s Joe Loddo present Tung Dao of BB&T with the Top First Trust Lender Award for 2005.

Business Finance Group Launches New Website

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For all the latest 504 information or to download an application, visit our new website at www.businessfinancegroup.org. The website contains helpful information for potential small business borrowers, for existing borrowers and for bankers. Or call us at 800-305-0504 for personal assistance.

Business Finance Group #1 CDC In The Mid-Atlantic

Company Also Ranked Eleventh Nationally

The U.S. Small Business Administration District Offices in Baltimore, Richmond, and Washington, DC have released their annual loan statistics. Business Finance Group is proud to announce that it has been ranked first in loan production for all three offices. Additionally, with 164 approvals totaling over $104 million in 504 loans, Business Finance Group ranked first in SBA’s Mid-Atlantic Region 3. This represented 35% of all 504 loans approved in the six-state region served by over 20 CDCs. On a national basis, the company ranked eleventh. Rankings are based on numbers of loans approved for the fiscal year ended Sept. 30, 2005.

New Streamlined Processing for 504 Loans

SBA has announced two steps to reduce paperwork and processing time for 504 loans. A new Abridged Streamlined Method (ASM) for processing 504 loans is available to qualified CDCs. SBA selected CDCs based on the historical quality of loan packages as well as portfolio management quality. Business Finance Group is pleased to announce that it was selected by SBA to participate in this new program. BFG is now able to submit minimal paperwork, and the SBA relies on BFG’s underwriting to make decisions. Additionally, SBA has announced a reduction in the amount of financial information required from a company and its owners bringing the SBA’s requirements more in line with bank requirements. Tax return or financial statement information has been reduced to 2 years for the company and one year for the owner.