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Jimmy - It seems that the loan size may be too small to get the serious attention of most banks as a 504. Now, if you want to refinance other loans in this same business it may be large enough to be attractive to more banks. But even then, because of the modest amount of new money that you...

Table of Time-Limited Fee Waivers Part of the recently-enacted Small Business Jobs and Credit Act calls for fee waivers on SBA-guaranteed loans approved through the end of this year. SBA-guaranteed loans are often used to refinance, buy, or build car washes. Below is a link to an easy-to use...

Jon - For any lender in the SBA program, to do a pre-approval you just need to provide 2009 and 2008 federal income tax returns on the business entity that owns the car wash. If the car wash is not the only asset owned by the business you will need to provide a reliable Income (Profit & Loss)...

Jon - You also asked about the LTV. For a refinance, typically 75% to 85%, depending upon the bank and the level of your experience in the car wash business. The appraisal is done after the loan is approved, and as is customary, is paid by the applicant. Often a recent appraisal can be...

Jon - I must leave to meet some people, but for now let me relay to you this one thing: It is likely that the 2nd lien 'debenture' (note) will be about 41% of your total loan. Of course I'd have to do all the calculations to determine the exact portion. Whatever it is, that 2nd lien portion...

rph - Thank you for your business-like reply. I will try to respond soon. Alan Bussey

Fixed Rate 504 refinancing provisions For the very first time since inception of the 504 program, the new Small Business Jobs and Credit Act allows refinancing of conventional loans into fixed rate 504 loans. This is a brief overview of the new fixed rate 504 loan refinancing provision: -...

Important changes to the SBA program With the new Small Business Jobs Act these are the primary changes specific to the two most popular SBA loan programs for car washes: 7(a) loans. SBA 7(a) loans are general-purpose loans for small businesses for the purchase, construction, or renovation of...

The Small Business Jobs and Credit Act is now law On Monday afternoon, September 27th, HR 5297, the Small Business Jobs and Credit Act of 2010, was signed into law. The Act was designed to help small businesses, such as car wash businesses, expand and hire new workers to help reduce...

Red - Even though many of us might otherwise agree with your political opinions you might be surprised by the number of car wash industry veterans who are at this moment planning to take full advantage of the new Jobs and Credit Act. (Of course, that is the hope, since the objective is to...

At 1:45 PM Eastern this afternoon the President signed into law the 2010 Small Business Jobs and Credit Act. This new law more than doubles the maximum SBA 7a loan size from $2MM to $5MM. It also increases the maximum 504 (fixed rate) loan size for someone already in the car wash industry from...

Ha! Now, that's a balanced viewpoint. :)

Did you guys see the MSNBC news story about television's Comedy Central comedian Stephen Colbert testifying today before the House Subcommittee on Immigration, Refugees, and Border Security? There was a minor controversy this morning immediately before, during, and after Colbert's appearance...

Guys, I linked to the video of the President's statement about the bill only because he (or rather, his speech writer) summarized the bill so clearly. It could have been anyone making the statement for all I cared. When I first posted about HR 5297, the Small Business Jobs and Credit Bill...

I'm as sure as anyone that at least some Representatives and Senators supported or discouraged, or voted for or against the Small Business Jobs Bill for reasons other than the merits of the bill itself. A Representative or Senator does what his or her constituents want or they don't get...

Gentlemen - Early Thursday afternoon: The House has just passed the Senate's version of the Small Business Jobs and Credit Act. The bill now goes to the President for his signature. Apparently the bill will be signed into law on Monday. Being aware of enactment is important because many of...

rph - You said "...we need more than this bill...Without true economic growth this bill means little to the average car wash guy." Unfortunately you are in a state where unemployment is higher than in other parts of the country. Surely the Georgia economy will grow and jobs will return. With...

Ted - The writer calls many things in this May article promises that weren't 'promises' and then claims them as 'broken'. Ted, I am not at all concerned with which person, of whichever political persuasion or whichever party, wrote the proposed Small Business Jobs and Credit Act. I am...

Reds - The $30 Billion is money that financial institutions have already repaid from the TARP program. It is not newly borrowed money. For the banks that elect to borrow some of the $30 Billion there are sensible incentives to repay their loans within just a few years. You can read those in...

Ted - The cost of the Jobs Bill is not even a third of the number you stated. The bill is entirely paid, and then some, by interest earned from temporary Treasury fundings to healthy banks for small business loans, and by closing long-known tax loopholes. Tom - I am familiar with the 1099...