Small Business Loans, Housing Offer Opportunities

HASBROUCK HEIGHTS, NJ-Today’s real estate market offers a host of challenges that the US has not experienced for decades, but it also offers some opportunities, which is exactly what 30-year real estate veteran William Procida and James Kocsi, director of the US Small Business Administration’s New Jersey district office, discussed here on Tuesday as part of the Commerce and Industry Association of New Jersey’s Real Property Roundtable.

“We really like what the government is doing for small businesses right now,” said Kocsi, who outlined the SBA loan programs for attendees, which included everyone from accountants and appraisers to insurers and lenders. In fact, there are more than 10 loan programs that small businesses can take advantage of, including the SBA’s primarily loan program, the Loan Guaranty, which carries a maximum amount of $2 million, with a 90% guaranty; the total SBA guaranty cannot exceed $1.5 million. This loan is predominately used for renovation or construction of a new facility, says Kocsi, as well as land or building purchases, equipment, fixtures, leasehold improvements, working capital, refinancing debt and inventory acquisition.