Small Business Administration unveils lower-cost debt refinancing program

The White House says it has made it easier for small businesses to refinance debt.

The Small Business Administration (SBA) announced a rule change Tuesday (Oct. 1) to its 504 Loan Program, which offers long-term, fixed rate financing for real estate and equipment with SBA-backed capital.

“Coupled with the recent Federal Reserve interest rate cut, SBA’s new rule will help business owners lower costs by streamlining access to debt refinancing so they can reduce payments and access more affordable capital,” said SBA Administrator Isabel Casillas Guzman.

The rule goes into effect Nov. 14, and will make it easier for small businesses to refinance physical property such as land, machinery or facilities, the SBA said.

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