The Small Business Association unveils the first commercial mortgage refinance loan approved in the state, designed to help small businesses retain and create jobs.
Senator Chris Coons will join SBA officials for the announcement this morning at the Admiral Hotel in Rehoboth. The hotel recently got a loan to refinance its existing mortgage into a 20-year fixed rate under the SBA 504 loan program.
“The 504 refinance loan program permits small businesses to lock in long term, stable financing and improve cash flow. In many cases this creates funding to preserve or create jobs,” said SBA Regional Administrator A. John Shoraka.
The loan will help the hotel keep 25 employees and could help them create 10 new jobs.