September 2019
Issue 27
Extension & Expansion of the SBA Rural Pilot Program
SBA 504 Effective Rates for September 2019
25-year – 3.46% / 3.49% Refi
20-year – 3.36% / 3.39% Refi
10-year – 3.56% / 3.60% Refi
Extension:
On July 19, 2018, SBA announced the new 504 Rural Pilot Program that would be implemented and would be in place for a two-year period, through July 20, 2020.
On August 28, 2019, SBA announced the
504 Rural Pilot Program has been extended to
September 30, 2021.
Between July 19, 2018 and June 1, 2019, eight (8) 504 loans have been approved for a total of $2,983,000.
These loans range in size from $70,000 to $1,036,000 in areas with populations anywhere from 276 to 34,538. This is demonstrating that the Pilot program is starting to reach communities that are hard to serve because of small population size.
SBA is extending the program to give CDC’s, like NWBDA, time to develop loan awareness and activity in the rural communities within their regions. SBA hopes that CDCs will be able to generate more new loans to assist rural businesses.
Expansion:
For the purposes of the 504 Rural Pilot Program, a rural county is a county classified as “mostly rural” or “completely rural” (greater than or equal to 30% rural) by the U.S. Census Bureau in its most recent decennial
census report.
SBA believes that the expanded definition of “rural county” will encourage more lending through the pilot program and will bring capital to those under-served areas.
What Counties Can
NWBDA Lend In Now?
Washington:
We can do business in all counties in Washington.
Oregon:
We can do business in Baker, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Douglas, Gilliam, Grant, Harney, Hood River, Jefferson, Josephine, Klamath, Lake, Lincoln, Linn, Malheur, Morrow, Multnomah, Sherman, Tillamook, Umatilla, Union, Wallowa, Wasco, Washington, Wheeler, and Yamhill.
Idaho:
We can do business in Adams, Bear Lake, Benewah, Bingham, Blaine, Boise, Bonner, Boundary, Butte, Camas, Caribou, Cassia, Clark, Clearwater, Custer, Franklin, Fremont, Gem, Gooding, Idaho, Jefferson, Jerome, Kootenai, Latah, Lemhi, Lewis, Lincoln, Minidoka, Nez Perce, Oneida, Owyhee, Payette, Power, Shoshone, Teton, Valley, and Washington.
Alaska:
We can do business in all boroughs EXCEPT for Anchorage, Juneau, Ketchikan Gateway, and Sitka.
Business Development Officers
Eastern Washington/
Northern Idaho
Evan Heriot
eheriot@nwbusiness.org
Central Washington
Lisa Vincent
lvincent@nwbusiness.org
Western Washington
Elizabeth Rusnak
erusnak@nwbusiness.org
Mark Beppler
mbeppler@nwbusiness.org
Southwestern Washington/
North Oregon
Jim Bight
jbright@nwbusiness.org
Mike Miller
mmiller@nwbusiness.org
August’s Loan Fundings
NWBDA funded 3 new
projects for the total amount of $4,969,324.00
August’s Loan Approvals
NWBDA approved 5 new
projects for the total amount of $13,384,300.00
In the month of August,
NWBDA helped
create 22 new jobs
in the local communities
info@nwbusiness.org
www.nwbusiness.org
(509) 458-8555
(800) 540-1748 (Toll Free)