The Cincinnati Business Courier last week featured an article about a new refinancing option that HCDC is offering through Horizon Certified Development Company. The temporary 504 Refinancing Loan Program provides funding that can be used to refinance existing business debt and for any direct business expense, such as debt service, utilities, salaries, inventory, receivables, or insurance. The 504 Refinancing Program will be in place until September 27, 2012.
Business debt that would have been eligible for the 504 program originally may now be refinanced. In addition, SBA also will now allow businesses who have equity in their properties to include working capital to pay for other eligible business expenses that will become due over the next 18 months. The amount needed to refinance must not exceed a 90% loan-to-value ratio, based on a new appraisal.
“The 504 Refinancing Program is going to provide a great opportunity for so many businesses,” said David Main, HCDC’s president. “This will free up cash flow for many businesses to expand operations, hire needed employees, and have a little more of a cushion.”
You can read the entire Business Courier article here.
To learn more about all of HCDC’s Business Loan programs, contact David Main at (513) 631-8292.