Edward J. Castellani, JD, CPA of the Fraser Trebilcock Davis & Dunlap, P.C. law firm shared with MSAE recently that the Small Business "Jobs and Lending" Bill, signed into law in late September, includes numerous provisions that will significantly improve access to credit for many small and mid sized businesses including the following:

    1. A Commercial Mortgage Refinance will be possible without a business expansion requirement. This is a temporary change for a two year period which could allow a business to refinance their existing commercial mortgage loan.

    2. Large increases in the maximum SBA loan sizes.
        a) The maximum SBA 7a loan will go from $2 million to $5 million.
        b) The maximum SBA 504 loan will also increase to $5 million dollars for standard 504 loans.

    3. Extension of SBA 90% guaranty. The 90% SBA guaranty is extended through the end of 2010. The 90% guaranty is very important as it gives a lender additional security.

    4. Temporary extension of the waiver for SBA loan fees through the end of 2010.

    5. Increase the size standards for companies that are eligible for an SBA loan. Companies with a tangible net worth of up to $15 million or net income of $5 million a year could qualify.

There were additional changes but these are the highlights. This might be of importance to your members.