United Bank & Trust Blog

Mike Chatas

Small businesses are especially hard-hit in this economy, and as a community bank, we keep looking for ways to help. That’s why I’m glad that through cooperation with the Small Business Administration (SBA), we can help businesses with strong prospects and a solid business plan restructure loans to have longer terms, lower monthly payments and more flexible collateral requirements than conventional bank loans.

The SBA guarantees allow participating lenders more flexibility when it comes to collateral. That can help owners who must refinance existing loans but would have to bring money to the table because of falling appraisals and tighter underwriting standards. Of course, there are certain criteria that must be met, and expertise is necessary to complete and monitor these loans. To learn more, read the article here http://www.mlive.com/business/ann-arbor/index.ssf/2009/06/sba_offers_relief_to_some_busi.html.

If you have a small business and think you may qualify, call me at United Structured Finance, (734) 214-2726. We’ll be happy to try to help.