Mountain West Small Business Finance (MWSBF) is excited to announce that effective immediately, the Small Business Administration (SBA) has approved MWSBF as a statewide provider of 504 and Community Advantage loans in Colorado. “For almost two decades, we have been lending to a number of small businesses in the western slope of the Centennial State,” John Evans MWSBF president explained. “And like our expansion efforts elsewhere, it’s obvious that small businesses and communities throughout the west are better served with more options for their lending needs.” Evans emphasized the expansion is also a big win for several of MWSBF’s current lending partners. “So many of our current client lender base… Read More
Continue Reading504 Cap Increase Included in Proposed Funding Bill
A Message from our CEO Great news for small businesses and their lending partners! The National Association of Development Companies (NADCO) announced an increase to the 504 authorization cap has been included in the proposed funding bill for the remainder of fiscal year 2022. The breakdown of proposed authorization levels is: The regular 504 program is authorized at $11 billion; and The 504 debt refinance without expansion program is authorized at $4 billion. What this ultimately means: THERE’S MORE MONEY FOR 504! We have also learned that due to time constraints, the House will likely consider a continuing resolution through March 15 to keep the government open—allowing the House and… Read More
Continue ReadingGood News/Bad News: SBA 504 Loans are out of money for FY2021
The good news is the SBA 504 product has never been more successful. The bad news is, because of its success—for new purchase, construction and refinance with expansion, the program is estimated to run out of money in a couple of weeks for the remainder of SBA’s fiscal year (9/30). “In this case, the regular 504 program, which includes 504 debt refi with expansion, will reach its congressionally authorized cap of $7.5 billion before the cap is reset on October 1. As of August 21, the regular 504 program had approximately $7 billion in approvals with estimates pointing to the program reaching the cap as soon as September 3rd.” –from… Read More
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MWSBF Proudly Sponsors the Janie C Kids Market: a craft fair created and cultivated by kids
May 13, 2021 (Salt Lake City) — “Entrepreneurship and innovation have no age limits,” said Danny Mangum, chief operating officer for Mountain West Small Business Finance. “That’s just one of many reasons we’re proud to help sponsor the Janie C Kids Market. As a company that prides itself on supporting and celebrating economic development, resourcefulness, and creativity, we salute these young entrepreneurs and the Holladay community that has come together to help make this event a reality.” The event, held Saturday, May 15, 2021 from 1:00pm to 3:00pm at 2810 E. Hermosa Way in Holladay, Utah will feature jewelry, crafts, treats and wares from a variety of the neighborhood’s children. … Read More
Continue ReadingA Letter from John D. Evans
May 6, 2021 To Our Valued Lending Partners, On behalf of Mountain West Small Business Finance, I would like to express our appreciation to you for helping us assist record numbers of small businesses through the SBA 504 Program. The table below illustrates the increased 504 volume at MWSBF (FYE: 9/30): FY 2019 FY 2020 % Chg. 2020 (6 mos.) 2021 (6 mos.) % Chg. # of Loans 189 233 23.3% 100 170 70% Loan Dollars (000s omitted) $133,848 $169,530 26.7% $85,182 $131,019 53.8% MWSBF is currently ranked as the fifth leading CDC lender in the country (190+ CDCs), behind only those in New York, Florida, and California. While… Read More
Continue ReadingLoans Available for Business Impacted by COVID
Our lending partner, Utah Small Business Loan Fund (USBLF) has funds available for loans to small businesses affected by COVID-19. Loans can be requested for up to $250,000 and have 5-7 year terms and fixed rates. If you are interested in learning more or applying for one of these loans, please contact their loan administrator, Kimberly Holley via email at kholley@mwsbf.com or phone at 801-412-3771. You can also start the application process by visiting USBLF’s website: www.usblf.org
Continue ReadingUpdate on April 1st SBA Loan Payments
SBA Will Be Making April 1st Loan Payments Great News! Mountain West has just been notified that the SBA will be making the April 1 payment for all SBA 504 loans. This will be the first of six monthly payments made on behalf of the business. These payments will not be pulled from your account starting tomorrow (April 1). We’ve included the correspondence from our trade organization (NADCO) at the bottom of the email if you’d like to read it in its entirety. Here’s what the announcement means to you: Funds for the April payment will not be pulled from your account tomorrow. Under the CARES Act, SBA will pay the full monthly payment owed… Read More
Continue ReadingSBA Warns of CARES Act Scams & Fraud: How to Detect Them and Protect Yourself
The Small Business Administration Office of Inspector General (SBA OIG) sent out a notice regarding numerous fraud, scam, and phishing messages targeting small business owners. Below is the letter they sent out which includes tips about recognizing, avoiding and reporting any fraud you might come across. Letter from the SBA Office of Inspector General The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to… Read More
Continue ReadingMWSBF Welcomes Dianne Flores as Our Newest Servicing Specialist
Dianne Flores Named Newest Servicing Specialist at Mountain West Small Business Finance Mountain West Small Business Finance has named Dianne Flores, servicing specialist. Flores will be responsible for automation and streamlining of Mountain West’s insurance process for their loan portfolio. She will be based in Spokane, Washington and telecommute – supporting the company’s entire loan portfolio. Read the full press release below. March 30, 2020 (Salt Lake City) – Mountain West Small Business Finance (MWSBF), Utah’s largest SBA lender, welcomes Dianne Flores as the company’s newest servicing specialist. Flores will telecommute from Spokane, Washington and will be responsible for the automation and streamlining of Mountain West’s insurance process for their… Read More
Continue ReadingA Letter from MWSBF President: COVID-19 & SBA Disaster Relief
During this time of COVID-19, social distancing and earthquakes, MWSBF is committed to providing the same level of care and customer service as we always have. We are limiting our in person interactions but remain fully accessible via phone, email or if needed, video conferencing. If you have any questions, please reach out to any of our loan officers via phone or email: Spencer Davis, 801-412-3769, sdavis@mwsbf.com Judd Blakesley, 801-412-3792, jblakesley@mwsbf.com Blake Beck, 801-655-4968, bbeck@mwsbf.com Jeff Vanchiere, 435-652-3761, jvanchiere@mwsbf.com Brooks Harbertson, 801-655-4989, bharbertson@mwsbf.com Tyler Healey, 435-787-4242, thealey@mwsbf.com Anyone with concerns about their small business during the COVID-19 pandemic can be directed to the SBA for Disaster Relief Loans. Beginning today, the… Read More
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