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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S&B Aluminum Foundry: MWSBF Borrower Spotlight

The Great American Story I sit with Seng and Hensen Rin for almost an hour. They’re the father-son team behind S&B Aluminum Foundry in West Valley City, Utah. Seng, the father and owner of S&B, is originally from Cambodia. His son Hensen, the company’s vice-president, was born in the states after Seng (an orphan who escaped the Cambodian Killing fields in the late 70s) was moved from a refugee camp in Thailand to the states. Seng’s story has all the makings of a NYT Bestseller. I’m on the edge of my seat, and also somewhere between disbelief and astonishment the entire time the tale is relayed. Hensen, peppers in commentary,… Read More

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Kimberly Holley Promoted to AVP-Loan Officer for Mountain West Small Business Finance

May 7, 2019 – (Salt Lake City) – Mountain West Small Business Finance (MWSBF), Utah’s largest SBA lender, also operating throughout Wyoming and the mountain west, is pleased to announce that Kimberly Holley has been promoted to AVP-Loan Officer (effective May 1, 2019). In her new capacity Holley has oversight for all community advantage and economic revolving loan funds, and reports directly to Spencer Davis, vice president and senior lending officer. “For more than a decade, Kim has contributed to the success of small businesses across the mountain west,” Davis said. “She’s been a key player in our company’s success, working in our Orem and Salt Lake offices, and taking best practices from… Read More

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MWSBF Shares Love of Small Businesses by Launching Free Online Training

February 14, 2019, (Salt Lake City) – Mountain West Small Business Finance (MWSBF), Utah’s largest SBA lender, also operating throughout Wyoming and the mountain west, announces a new training about the SBA 504 program available online. The webinar is free and available at https://tinyurl.com/SBA504MWSBF. “We’re excited to share our expertise in the field of small business lending,” said John D. Evans, president Mountain West Small Business Finance. “For more than 30 years, we’ve been sharing this information with bankers and lending institutions across the mountain west – but our efforts have been primarily focused in Utah. This new online instruction—originally shared with lending institutions from Wyoming—is now available to anyone… Read More

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President’s Message Regarding the Continuing Resolution

Mountain West Small Business Finance president John D. Evans released a statement regarding the continuing resolution: Dear Friends, A continuing resolution to re-open the government has been passed, which will provide appropriations through February 15, 2019. With the enactment of this resolution, the lapse in appropriations has ended and furloughed federal employees will return to work on their next regularly scheduled workday. In anticipation of the government re-opening, Mountain West Small Business Finance has been accepting loan applications, structuring projects, and underwriting and approving loans internally to mitigate any loss in production. We will begin to submit pending projects this week to the SBA for final approval. Please be mindful… Read More

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President’s Message Regarding Government Shutdown

Mountain West Small Business Finance President John D. Evans released a statement regarding the government shutdown and how MWSBF’s operations are affected: “We received updated information related to the 504 Loan Program regarding SBA operations during the government shutdown. First, and perhaps most importantly, is that funding has been deemed as a necessary function of government, so approved loans that don’t require any modification, will move forward with funding as scheduled. “Second, if there are any changes, including but not limited to project costs, the loan will be postponed until the government re-opens and those changes can be made. “Additionally, under current government shutdown restrictions, no new loan applications can be… Read More

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