The U.S. Small Business administration has rated Operation Oswego County (OOC) fourth among lenders in Oswego County for the number of its SBA loans approval. Seven loans totaling $1.1 million have been facilitated by OOC for October 2008 through July. This represents 9.7 percent of loans approved in the country.
OOC, the SBA-certified development company, is ranked third for the total amount of $9.6 million funded through the loan program. OOC is authorized to finance projects through the SBA 504 loan program. The program is designed in a way so as to promote economic development, facilitate growth and create jobs. It helps to make the overall financing structure for a new business or project attractive and affordable.
The program is intended to offer accessible long term financing for buildings, land and equipment. Businesses eligible for SBA 504 loan program are the ones that are independently owned or are profit businesses that are ready to expand or create jobs.
The requirement of size of businesses qualifying for SBA 504 loan has been raised with the introduction of Small Business Jobs and Credit Act. Businesses having net worth of $15 million are only eligible to qualify. The maximum loan size has been permanently increased between the ranges of $5 to $5.5 million. The SBA 504 loan program can be used to refinance existing businesses at lower rates and for longer terms.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org