SBA creates secondary market guarantee program.
The program is expected to provide greater liquidity for lenders and expand access to capital for small businesses.
Regulations published October 28, 2009 by the U.S. Small Business Administration (SBA) will create a secondary market guarantee program for 504 First Mortgage Loan Pools. Funded through the American Recovery and Reinvestment Act, the new program would encourage sales into the secondary market of the "first mortgage" portion of small business financing made possible through the SBA's 504 Certified Development Company (CDC) program. Secondary market activity for 504 first mortgage loans has declined significantly as a result of the recession and disruption in the credit markets.
"This new program will stimulate activity in the secondary market, ensuring lenders have a place to sell first mortgage loans on their books and in turn have liquidity to make more loans to small businesses," SBA Administrator Karen Mills said. "This is another tool in our Recovery toolbox that will expand access to the capital small businesses need to drive economic growth and create jobs."
The 504 CDC program provides credit for the purchase of real estate and other fixed assets tied to a business's expansion. Financing under the program includes three components:
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A first mortgage or lien, which is made by a private commercial lender for 50% of the total project and does not come with a government guarantee.
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A second mortgage or lien, which is made by a CDC for 40% of the...
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