Small Business Loans

We at the Business Finance Center (BFC) are concerned that your April 28 article (“SBA’s Shortfall Deals Big Setback to Small Business”), although accurate, will inadvertently mislead readers and discourage entrepreneurs from pursuing or completing real estate transactions with SBA assistance. There were an extensive number of small businesses attempting to acquire property through the SBA 7a loan program prior to April 28. (This is the SBA loan program that is currently “short of funds” or loan guarantees.)

The nonprofit BFC, established in 1990 by Los Angeles County, has, in fact, funding available under the SBA 504 loan program as well as the new County Business Loan Program (CBLP). Under SBA 504, 90% financing is available for commercial/industrial real estate loans. The CBLP was established through the County of Los Angeles and the Economic Development Administration of the U.S. Department of Commerce to lessen the economic impact of defense downsizing. Below-market-rate loans are available to aerospace and defense-related businesses and individuals in Los Angeles County.

CARLOS JACKSON

Member, BFC Board of Directors

Monterey Park