Refinance with SBA 504 through Eastern American CDC!
By the Economic Aid Act, SBA announced a permanently changed SBA 504 refinance rule on 7/29/2021. Unlike the past service with many restrictions in the SBA 504 refinance, Eastern American CDC is ready to assist you in refinancing for small business owner's most benefit.
SBA 7(a) Refinance
If you've acquired fixed assets (land, equipment, and land improvement) through SBA 7(a) loan, we can refinance it to SBA 504 loan. If you want to learn about the benefit of SBA 504 loan compared to SBA 7(a) loan, CLICK HERE.
Commercial Loan Refinance
Would you like to get a better interest rate and a long-term fixed-rate loan compared to the conventional loan you have? We can help you out with changing the loan program to SBA 504.
Eligible Business Expense (EBE) Cash-Out
Business operating expense that will occur within 18 months
Including salary, rent, utility, inventory, business line of credit, and business credit card
20% of the appraised value of the fixed asset
What is Qualification?
Must be Qualified Debt - Existing debt was used (85% or more) to acquire fixed assets including land, land improvement, and equipment
At least 6 months seasoned loan
Have been 2 years of business operation