Business Finance Group will host the upcoming OCC web and telephone seminar at two sites: The Tower Club in Tysons Corner and 100 Pratt Street in Baltimore, MD. If you are interested in attending the seminar at either location, please contact Brenda Miller at 800-305-0504 or bmiller@businessfinancegroup.org.
The Office of the Comptroller of the Currency seminar entitled “Small Businesses’ Window to Wall Street” will be held on Wednesday, January 31, 2007 from 2:00 until 3:30 pm. Speakers include Barry Wides, Deputy Controller for Community Affairs; Peter Morgan, Executive Vice President, Zions Bank; Jean Wojtowicz, Executive Director, Indiana Statewide CDC; and Randy Christiansen, National Bank Examiner, with an introduction by John C. Dugan, Comptroller of the Currency.
Topics will include how the 504 program operates, identifying key risks and regulatory considerations, liquidity and the secondary market for first trust loans, providing successful examples, discussing how 504 helps to manage concentration risks, and outlining the CRA benefits of participating in the 504 program.
There is no charge to attend the seminar at either of the locations hosted by BFG. If your bank wishes to participate in the call directly with the OCC, there is a fee per listening site, and you should contact the OCC directly for information.
Closing Tips
The Authorization list two amounts for the 504 loan, the net debenture and the gross debenture. The difference between the two amounts funds the bond sale and closing costs related to the 504 loan. When the bank is funding the bridge 504 loan, fund the lower amount (net debenture).
Many of our lenders commit to a specific loan amount, and then round the amounts up during the funding process. We are happy to adjust our Authorization to your loan amounts. Please let us know in advance of our closing so we can prepare the necessary amendments for SBA as well as produce the correct set of SBA loan documents to meet everyone’s closing time frame.
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If you are not receiving our monthly newsletter directly, please contact Brenda Miller at 800-305-0504 or bmiller@businessfinancegroup.org to be added to our e-mail and mailing lists.
