New Small Business Debt Refinancing Program to Start Later this Month

CCB MEDIA PHOTO The sign at the Cape Cod Chamber of Commerce welcomes visitors.


BARNSTABLE – A new refinancing program will be available to small businesses starting later this month.

The Small Business Association 504 Refinancing program will help businesses with real estate debt, equipment and other expenses like salaries, rent and inventory.

“This program really is in response to the SBA’s concern that rising interest rates might hurt a business’s working capital needs and therefore inhibit its ability to grow,” said Jeannine Marshall, president of Coastal Community Capital, a non-profit community development lender.

Marshall said the program will allow businesses to refinance 50 percent of existing debt with a 20-year low fixed rate term loan.

“Currently, that rate is around 4.4 percent,” she said. “That’s really a great rate.”

The remaining 50 percent of the borrower’s debt would stay with the current lender.

“The borrower would stay with the current lender if the borrow is happy with that lender or we would move it to another lender,” she said.

Another benefit of the new program allows businesses to borrow additional operating funds for expenses like salaries, rent and inventory.

“That’s great for people who are looking to cover seasonal winter working capital or things like that,” Marshall said.

Marshall said Coastal Community Capital received a call from a local business within minutes after sending out an email blast with details of the new refinancing program.

A business owner was looking to refinance about $4 million in debt and was concerned about trying to lock in the lowest rate for the longest term.

“She was also one of these businesses that closes in the winter and was looking for some working capital to cover those expenses when she is closed,” Marshall said.

The SBA 504 Refinancing program takes effect on June 24.

For more information and to apply for a loan contact Coastal Community Capital at 508-790-2921 or online at

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