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As a business, we experience many of the same issues our clients face every day; from assessing financial risk, evaluating costs, to retention of a quality team. In successfully meeting each short term issue, our firm prospers thereby driving growth and operating efficiencies into the future. From our vantage point, we’re able to make objective evaluations and considered suggestions that build a competitive business advantage.
No matter the size of your business or organization, we provide the experience and expertise to ensure a clear, fair and reliable presentation of your financial position.
Highly skilled in preparing a complete range of financial statements, you can rely on us to thoroughly review controls, systems and procedures.
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Whether a business, corporation or an individual, our dedicated team seeks to optimize tax savings, leverage tax structures and minimize risk.
Appropriately reducing or positioning the payment of federal, state, and local income taxes is a critical component of assembling and retaining capital from which wealth grows. Although income taxes may seem hopelessly complex, effective planning is a critical element in capitalizing on tax benefits.
SBA Implements Temporary Refinancing Program
504 program to refinance existing owner-occupied commercial real estate loans with cash-out option
Under the Small Business Jobs Act, the US Small Business Administration (SBA) has implemented a temporary program—authorized through September, 2012—allowing small businesses to refinance eligible fixed assets in its 504 program without requirement of an expansion. This program provides small businesses the opportunity to lock in long-term, stable financing, and finance eligible business expenses.
Businesses may use 504 refinancing to turn real estate equity into working capital for their businesses. This maybe an attractive option where a business has limited access to cash resources thereby using available equity for expenses directly related to business operations. The use of such proceeds can be used for indebtedness to the business, payroll, utilities, inventory, equipment purchases, expansion, and so on.
In addition, the 504 program provides a valuable option to refinance commercial real estate loans with high interest rates or impending balloon payments. Interest rates on 504 loans are at or near historic lows-at or near 5 percent.
Borrowers may refinance up to 90 percent of their properties’ current appraised value, as long as they are current on their existing loans.
The basic notion of asset-liability management suggests the idea of allowing businesses to financing short-term or working capital needs over long periods is not a recommended practice. However, such cash injections may allow an undercapitalized business to succeed by locking in lower interest rates and using their real estate equity to restructure its balance sheet.
The temporary program under the Small Business Jobs Act identified that access to working capital is currently the largest gap in the marketplace. This program provides businesses the opportunity to lock in long-term, stable financing, and finance eligible business expenses as well as protect jobs and consider further expansion.
Should you be interested in additional information on the SBA 504 program, simply click on the following link SBA.gov 504 Loan Refinancing Program, or contact Hodges & Hart, LLC CPAs.
This article is authored by Brian Tanz, AVA, CBA & Director.
Footnote: Prior to Brian Tanz joining Hodges & Hart, he maintained 12 years of commercial and corporate banking experience. Among preparation of business valuations, Brian performs project consulting and planning services, financial analysis, forecasting, and modeling, in addition to assisting clients with financing decisions and placement. At Hodges & Hart, we strive to exceed our clients stated goals by delivering comprehensive accounting solutions and innovative financial strategies.
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