Wanting To Refinance That Commercial Dry Cleaning Store

If you have a dry cleaning store, then you know first-hand what a competitive business it can generally be. To forge ahead, you'll frequently find yourself thinking about refinancing your commercial dry cleaning business in order to purchase new or updated gear, expand your operations, open or purchase a 2nd location, or maybe simply have some extra working capital on hand.

You will be pleased to note the Small Business Administration ( SBA ) is ready to help you when it comes to refinancing a commercial dry cleaning shop.

According to an April eight, 2011 article on www.westfaironline.com, the Internet site of the Westchester County ( NY ) Business Journal and Fairfield County ( CT ) Business Journal, the Small business Administration has actualized a short lived refinancing program under the Small company Jobs Act of 2010. Structured like the standard SBA 504 Loan, it typically contains 3 elements relevant to refinancing a commercial dry cleaning business : A first mortgage ( or loan ) secured from a bank or other private lender covering half the project cost ; a second home loan secured by a junior lien by a SBA-certified development company ( which is backed by a debenture one hundred pc guaranteed by the SBA ) covering up to an additional 40 percent of the project cost ; and at least ten percent from the businessperson looking to refinance a commercial dry cleaning business. Thusly, they may be able to borrow up to 90 percent of the loan-to-value ( LTV ) of the genuine property of the dry cleaning business.

As the programme was originally designed, if an owner had a commercial real estate mortgage or balloon payment maturing before or on December 31, 2012 to refinance a commercial dry cleaning business with an SBA 504 Programme loan. The SBA has since then lifted that date restriction, to make the programme available to more businesspeople, including those desiring to refinance a dry cleaning operation. According to SBA officials, it is estimated that as many as 20,000 enterprises across the nation will be well placed to take advantage of the SBA 504 Programme in 2011 and 2012, including many entrepreneurs who need to refinance their dry cleaning store.

Another factor behind the choice to abolish the date restrictions on this programme was the mortgage meltdown and the resulting real estate crunch. One of the goals is to help smaller companies avoid going into foreclosure on mortgages signed before the recession hit, back in the days of overinflated real-estate values.

According to SBA Administrator Karen Mills, who said in a PR release, "With the breakdown of the real estate bubble, many small-business owners have ended up unable to refinance as a consequence of inflated real estate values at the time they took out their mortgage." Dry cleaners are no exception. This is the break that those requiring refinancing a dry cleaning business have been looking for.

This is where Venture Funding Group and their FAST TRACK programme come in.

Venture Funding Group is an expert when it comes to working with the Small company Administration to help entrepreneurs secure the funding they want for refinancing a commercial dry cleaning business.

Why run around in circles dealing immediately with financiers or the SBA? Venture Funding Group knows how to streamline the entire process and get things done regarding refinancing a dry cleaning operation.

Under the SBA 504 Programme, owners of dry cleaning stores can refinance a commercial building loan with a lower monthly payment, at lower interest, and with less private risk with a 90% LTV. This 90% LTV program from the SBA will help you to find financing even with lower credit worthiness scores.

To learn more, click www.thesbaloan.com now for positively free consultation and guidance. Or call us at 1-800-578-4884.