504 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

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Good 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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Update 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

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SBA 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

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A 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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