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tigerfan4732
| Favorite team: | LSU  |
| Location: | Monroe, Louisiana |
| Biography: | |
| Interests: | |
| Occupation: | Banker |
| Number of Posts: | 20 |
| Registered on: | 7/11/2006 |
| Online Status: | Not Online |
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re: 504 SBA loan
Posted by tigerfan4732 on 1/28/10 at 7:27 pm to SoggyNachos
It is a minimum of 10% but would increase 5% if the business is a start up and another 5% if the building is considered to be a "special purpose building" for a maximum of 20%. Remember that the percentage of the injection is of the total project cost which includes all the soft costs associated.
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re: Option 1, 2 or 3
Posted by tigerfan4732 on 1/22/10 at 7:03 pm to foshizzle
How about a 4th option? If she takes the money to her bank and borrows against it, the interest rate on the loan would be 2-3% more than the rate she would earn on the money. Her bank should have no problem with this because they have virtually no risk. With interest rates on savings or CDs at approx 2%, her new rate would be around 5%. She would use the money from the bank loan to pay off the credit card and decrease her interest cost by 2/3, not counting the interest she would earn on her money. When the bank loan is paid off, she still has her 8,000.
If she uses her 8,000 to pay off the card but has the discipline to put the money currently being paid back into savings, Option #1 is definitely best. If not, the bank loan becomes a type of "forced" savings. Just a thought.
If she uses her 8,000 to pay off the card but has the discipline to put the money currently being paid back into savings, Option #1 is definitely best. If not, the bank loan becomes a type of "forced" savings. Just a thought.
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