The 504 Report - June 2006

Current Rates
May Bond Sale Rate: 6.9% (20 year fixed rate)
	Rates are creeping up but the 504 rate remains below market. With as little as 10% down, it’s still a good deal for your customer!
	Home-Based Business Champion of the Year

	Rosemin A. Mohammed, Owner of ABC 123 Academy was named SBA’s National, Region Three, and Virginia Home-Based Business Champion of the Year. Rosemin currently operates a home based day care center with 12 children. She will soon be moving into her new facility in Dale City, VA financed with a 504 loan from Business Finance Group. Congratulations to Rosemin!

Robertson Named to SBA's National Advisory Council

Home
2007 Archives
	March
	January
2006 Archives
	December
	November
	October
	September
	August
	June
	February
	January
2005 Archives
	November

Recently, Sally Robertson, BFG’s Executive Director, was appointed to the SBA’s National Advisory Council (NAC). The NAC, established in 1965 is comprised of appointed volunteers who provide expert advise, ideas and opinions on SBA programs and small business issues. There are 52 members representing each state, the District of Columbia, Puerto Rico, and the Virgin Islands as well as additional members appointed for their business sector or trade association affiliation. Please contact Sally at srobertson@businessfinancegroup.org so that she can bring forward any concerns or issues you may have.

Business Finance Group Holds 2nd Successful 504 Round Table

The Center Club in Baltimore with its expansive views of the Inner Harbor was the site of BFG’s second 504 Round Table Event. Nearly 60 attendees enjoyed breakfast and the speaker. Guests included Regional Administrator, Stephanie Watkins and Baltimore’s Acting District Director, Steve Umberger. Bankers’ 504 comments again focused on the need to streamline the closing process. Additional BFG Round Table events will be coming to the Washington, DC and Roanoke areas.

504 Closing Tip: Equity/How The $$ Were Spent

At the time of the 504 closing, we must verify that the required equity has been contributed as well as verify that all the funds were used for eligible costs. We would recommend that the bank require the equity to be contributed at the time of the initial bank settlement. That way, the borrower’s money is in first making it safer for you as well as easy to document. At the time of BFG’s closing, we will ask for the bank settlement statement, the loan history, and any disbursement records to help verify project costs. We may need other documents, such as the final AIA draw. This allows us to prepare the proper closing documents for the 504 closing.