Since the beginning of the year, I’ve been saying that we’re going to see a decrease in small business loans this year, likely in the 20 to 30 percent range. The primary reason for my gloomy outlook is that both the SBA 504 Refinance and FMLP programs expired last September. In my video blog on April 4th, I mentioned several changes that have been proposed by the SBA that might offset the potential decline this year, but something even better has gained momentum since then.
Senator Mary Landrieu has introduced a bill that will effectively repeal the expiration of the SBA 504 refinance provision, making it possible for small business owners to again refinance
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One thing I love about my job is hearing the stories from small business owners all over the country. Last year, we helped 97 small business owners in 27 states purchase, construct, renovate, or refinance their commercial property. When you work with that many business owners, you’re bound to hear some wonderful stories about overcoming adversity, going the extra mile, and finding creative ways to solve problems.
I probably don’t need to tell you this, but being a small business owner (and working with small business owners in an advisory role) takes a considerable amount of thinking outside the box. In today’s post-recession economy, there’s a “new normal” that a lot of us are still
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For the past five years, our on-hold message has featured a welcome from Pat Summerall. If there’s anything that can make waiting on-hold tolerable, we figure it’s the legendary voice of Mr. Summerall. We were saddened to learn late yesterday of his passing, and I’d like to take a minute to remember this world-class broadcaster.
If you’re a sports fan of any kind, there’s very little chance you haven’t heard Pat’s voice. He worked 16 Superbowls (more than anyone else), 26 Masters Tournaments, and 21 U.S. Opens. He spent 10 years in the NFL as a placekicker before becoming an announcer and was the long-time on-air partner of John Madden, helping to anchor the latter’s excitable
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Some of us here at Mercantile are pretty avid golf fans (yours truly included…and let me emphasize that I’m a fan…I wouldn’t call myself an avid golfer). The Masters golf tournament is this weekend, and I can’t wait to see what happens this year at Augusta National. Tony and Sean, two of our Senior Loan Officers, made a trip to Augusta back in 2009 (when Angel Cabrera won in a three-way sudden-death playoff) and I was very jealous. I’ve been twice to practice rounds, but can’t wait to go back…especially to watch an actual competition round.
The other day, I came across a Masters quiz put together by Doug Ferguson, a golf writer with the Associated Press, and I thought you might like to test your knowledge of this legendary golf tournament. There’s a “Front Nine” and a “Back Nine” with different point
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I’ve been on record saying that the SBA will likely see a 20 to 30 percent decrease in 504 loan volume in fiscal year 2013. Despite the fact that the SBA is coming off back-to-back record-breaking years, I expect this drop-off in 504 loans due in large part to the 504 refinance and secondary market (FMLP) programs not being extended past September of 2012. Well, I may have to eat my words (and I’ll gladly do so), because the Agency recently announced some changes that may curtail my forecasted decrease. Specifically, there are four things that I think will make a big difference for small business owners, and I explain
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