NOT JUST PENNIES FROM HEAVEN
Southend ShowPlace (above) is the kind of property the SBA had in mind when it paid out loans leveraging more than $6.6M in NC projects in Q1 2011. Through its 504/CDC loan program, the SBA typically loans about 40% of total project value aimed largely at small businesses that want to own their space. BEFCOR administers the loans, partnering with private lenders to provide long-term, fixed-ratefinancing to business owners who've tired of renting. The 11k SF building (at 1514 S. Church St) contains one 1,500 SF unit listed with Office Properties at $285K. Office Properties' Randall Bozard tells us would-be buyers are still a little unrealistic about what they can expect to pay for commercial space. ?Some want pennies on the dollar,? he says. But programs like the 504/CDC can help get over the hump, he adds. BEFCOR offered loans in calendar 2010 that helped pay for projects totaling almost $29.5M, says CEO Richard Bargoil.