The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that April 28, 2014 is the filing deadline for federal economic injury disaster loans in South Carolina as a result of the excessive rain that began on March 1, 2013.
The loans are available in the following counties: Abbeville, Aiken, Allendale, Anderson,
Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Charleston, Cherokee, Chester, Chesterfield,
Clarendon, Colleton, Darlington, Dillon, Dorchester, Edgefield, Fairfield, Florence, Georgetown,
Greenville, Greenwood, Hampton, Horry, Jasper, Kershaw, Lancaster, Laurens, Lee, Lexington, Marion, Marlboro, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Sumter, Union, Williamsburg and York in South Carolina.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.
The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.875 percent for non-profit organizations, and terms up to 30 Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure
website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA’s website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than April 28, 2014.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Showing posts with label loans. Show all posts
Showing posts with label loans. Show all posts
Thursday, March 27, 2014
Wednesday, December 1, 2010
Bank Survey Reports Expectations of Tightened Lending Through 2012
The Federal Reserve’s October 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices reports continued tight lending conditions by banks to businesses and households. The survey is based on responses from 57 domestic banks and 22 U.S. branches of foreign banks.
Despite reporting that some large banks have eased lending terms over the past three months, a special question in the October survey found that lending conditions would remain tight for the foreseeable future. In particular, the majority of respondents involved with residential and commercial real estate lending indicated they would not return to long-term norms of lending practices until after 2012.
On the other hand, 40 percent of respondents indicated that lending for mortgages and credit cards would return to long-term norms by the end of 2012.
With respect to residential real estate lending, the Fed reported that small fractions of banks reported tightened standards on prime and nontraditional mortgage loans.
Interestingly, the tightening was mostly reported by smaller banks, with larger banks leaving standards about unchanged. However, both small and large banks reported tightening standards for non-traditional mortgage loans. All banks reported small declines in demand for loans, likely related to the end of the home buyer tax credit.
The headline result of some easing of lending standards by big banks stands in contrast to recent NAHB survey data, which indicates continued tightening of lending to home builders.
Read the entire report at www.FederalReserve.gov by clicking here.
Despite reporting that some large banks have eased lending terms over the past three months, a special question in the October survey found that lending conditions would remain tight for the foreseeable future. In particular, the majority of respondents involved with residential and commercial real estate lending indicated they would not return to long-term norms of lending practices until after 2012.
On the other hand, 40 percent of respondents indicated that lending for mortgages and credit cards would return to long-term norms by the end of 2012.
With respect to residential real estate lending, the Fed reported that small fractions of banks reported tightened standards on prime and nontraditional mortgage loans.
Interestingly, the tightening was mostly reported by smaller banks, with larger banks leaving standards about unchanged. However, both small and large banks reported tightening standards for non-traditional mortgage loans. All banks reported small declines in demand for loans, likely related to the end of the home buyer tax credit.
The headline result of some easing of lending standards by big banks stands in contrast to recent NAHB survey data, which indicates continued tightening of lending to home builders.
Read the entire report at www.FederalReserve.gov by clicking here.
Monday, September 27, 2010
Greenville has highest average credit score in South Carolina
Experian, one of the big three credit rating agencies, has published average credit scores for all of the major metropolitan areas in the country, and has ranked the top and bottom ten markets.
In Greenville, according to Experian, the average credit score is 740, the highest in the state. The other cities in South Carolina rated by Experian were:
In Greenville, according to Experian, the average credit score is 740, the highest in the state. The other cities in South Carolina rated by Experian were:
- Charleston, 729
- Columbia, 716
- Myrtle Beach, 709
- Minneapolis, 787
- Madison, Wis., 785
- Cedar Rapids, Iowa, 781
- Green Bay, Wis., 780
- San Francisco, 780
- Boston, 779
- Peoria, Ill., 778
- La Crosse, Wis, 778
- Seattle, Wash., 777
- Sioux Falls, S.D., 777
- Harlingen, Texas, 684
- Jackson, Miss., 698
- Corpus, Christi, Texas, 700
- Shreveport, La., 701
- El Paso, Texas, 706
- Monroe, La., 706
- Las Vegas, Nev., 707
- Bakersfield, Calif., 708
- Myrtle Beach, S.C., 709
- Tyler, Texas, 709
Wednesday, August 18, 2010
Custom Builder Solves Riddle of Spec Lending
Not too many custom home builders are constructing spec homes these days, nor getting financing for them. David Werschay of Werschay Homes in St. Cloud, Minn., however, is an exception.
Werschay’s approach to spec homes is straightforward: “I can’t sell cars if I don’t have cars on my lot,” he says. “If I don’t have a house out there to drive traffic during these promotion times — or any other time — I’m not going to sell lots and I’m not going to sell houses,” he adds.
Read the entire story in Residential Design and Build by clicking here.
Werschay’s approach to spec homes is straightforward: “I can’t sell cars if I don’t have cars on my lot,” he says. “If I don’t have a house out there to drive traffic during these promotion times — or any other time — I’m not going to sell lots and I’m not going to sell houses,” he adds.
Read the entire story in Residential Design and Build by clicking here.
Tuesday, July 13, 2010
New Appraisal Guidance From Fannie Mae Announced
Fannie Mae recently released new appraisal-related policies and additional guidance addressing many of the primary concerns that home builders have raised with the agency regarding inappropriate appraisal practices.
According to its new policy, Fannie Mae will now require lenders to only use appraisers who have the appropriate knowledge and experience in specific geographic markets. Also, builder sales are acceptable as comparable properties, and an appraiser may view the HUD-1 for a new construction property to verify a recent sale not yet available through other data sources.
Meanwhile, Fannie Mae is requiring appraisers to make valuation adjustments for short sale and foreclosed properties used as comps by determining their condition and whether any stigma is associated with them. Other changes announced by Fannie Mae clarify that the Home Valuation Code of Conduct allows for appropriate communication with appraisal management companies and specific appraisers and also allows for authorized third parties, including builders, to provide additional information about the basis for a valuation or the need to correct objective factual errors in an appraisal report.
Read the complete announcement from Fannie Mae by clicking here.
According to its new policy, Fannie Mae will now require lenders to only use appraisers who have the appropriate knowledge and experience in specific geographic markets. Also, builder sales are acceptable as comparable properties, and an appraiser may view the HUD-1 for a new construction property to verify a recent sale not yet available through other data sources.
Meanwhile, Fannie Mae is requiring appraisers to make valuation adjustments for short sale and foreclosed properties used as comps by determining their condition and whether any stigma is associated with them. Other changes announced by Fannie Mae clarify that the Home Valuation Code of Conduct allows for appropriate communication with appraisal management companies and specific appraisers and also allows for authorized third parties, including builders, to provide additional information about the basis for a valuation or the need to correct objective factual errors in an appraisal report.
Read the complete announcement from Fannie Mae by clicking here.
Thursday, July 8, 2010
NAHB's Top 10 Actions To Benefit Members in May
These are the Top 10 Actions taken by NAHB to benefit members in May:
1. Credit Crisis: NAHB worked with members of Congress to draft the Residential Construction Lending Act. The bill is pending.
2. Cash for Caulkers: NAHB has taken steps to ensure that members will be tapped to participate in the work resulting from legislation that will offer tax-free rebates for residential energy-efficiency improvements. The bill is pending. www.nahb.org/energyefficiencyretrofits
3. Financial Regulatory Overhaul: NAHB was actively involved in passing the financial regulatory overhaul bill, Restoring American Financial Stability Act. The bill has passed Congress.
4. Green Multiple Listing Service Toolkit: NAHB developed a toolkit to help real estate appraisers provide more reliable valuations of homes with energy-efficient features. www.greenthemls.org
5. Study demonstrates benefits of housing tax incentives: NAHB's Economics and Housing Policy Group recently completed a study that demonstrates that households across the economic spectrum benefit from housing tax incentives.
6. Technical Assistance Hotline: NAHB has implemented a hotline where HBA members can find out about building products, techniques, technologies, and best practices. www.nahbrc/techassist
7. Construction Forecast Conference: NAHB's semi-annual Construction Forecast Conference is held in the Spring and the Fall, and is now available via webcast.
8. Homebuyer Tax Credit: The credit expired on April 30. NAHB has developed a useful brochure called "Opportunity Knocks" that outlines why now is a great time to buy a new home. www.nahb.org/homebuyerbrochure
9. OSHA Workplace Safety Agreement: NAHB and OSHA renewed a formal agreement to work together to provide home builders with information, guidance, and access to training to protect your workers on the job site. www.osha.gov/dcsp/alliances/hang.nahb.html
10. Webinar on Using Social Media: The NAHB Professional Women in Building Council hosted a webinar to teach builders how to use social media to build their brand and sell more homes.
HBA of Greenville members benefit from a three-in-one membership. As an HBA member, a portion of your dues are sent to NAHB and your receive membership benefits like those above from the National Association of Home Builders.
1. Credit Crisis: NAHB worked with members of Congress to draft the Residential Construction Lending Act. The bill is pending.
2. Cash for Caulkers: NAHB has taken steps to ensure that members will be tapped to participate in the work resulting from legislation that will offer tax-free rebates for residential energy-efficiency improvements. The bill is pending. www.nahb.org/energyefficiencyretrofits
3. Financial Regulatory Overhaul: NAHB was actively involved in passing the financial regulatory overhaul bill, Restoring American Financial Stability Act. The bill has passed Congress.
4. Green Multiple Listing Service Toolkit: NAHB developed a toolkit to help real estate appraisers provide more reliable valuations of homes with energy-efficient features. www.greenthemls.org
5. Study demonstrates benefits of housing tax incentives: NAHB's Economics and Housing Policy Group recently completed a study that demonstrates that households across the economic spectrum benefit from housing tax incentives.
6. Technical Assistance Hotline: NAHB has implemented a hotline where HBA members can find out about building products, techniques, technologies, and best practices. www.nahbrc/techassist
7. Construction Forecast Conference: NAHB's semi-annual Construction Forecast Conference is held in the Spring and the Fall, and is now available via webcast.
8. Homebuyer Tax Credit: The credit expired on April 30. NAHB has developed a useful brochure called "Opportunity Knocks" that outlines why now is a great time to buy a new home. www.nahb.org/homebuyerbrochure
9. OSHA Workplace Safety Agreement: NAHB and OSHA renewed a formal agreement to work together to provide home builders with information, guidance, and access to training to protect your workers on the job site. www.osha.gov/dcsp/alliances/hang.nahb.html
10. Webinar on Using Social Media: The NAHB Professional Women in Building Council hosted a webinar to teach builders how to use social media to build their brand and sell more homes.
HBA of Greenville members benefit from a three-in-one membership. As an HBA member, a portion of your dues are sent to NAHB and your receive membership benefits like those above from the National Association of Home Builders.
Wednesday, December 9, 2009
NAHB To Assist Members With Borrowing Needs
NAHB has announced a new service that will be available at the International Builders Show in Las Vegas, NV, in January. NAHB will offer a Partnership Pavilion where association members can discuss their funding needs with representatives from a variety of capital sources and financing advisors. Read more.
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