The new SBA 504 Debt Refinance Program allows small businesses that have conventional commercial real estate loans on their facilities that are coming due in the next several years to utilize the SBA 504 program to refinance those loans. The program is designed to assist small businesses that have seen a decline in the value of their commercial properties through no fault of their own and are unable to refinance through conventional means..
Current Guidelines include
• Loans being refinanced must be maturing on or before December 31, 2012 and for eligible 504 purposes (land, building, large equipment). At a later date SBA may extend this date as well as qualify loans that can demonstrate a strong need in other ways
• Loans being refinanced must have been current for last 12 months
• Debt must have been incurred not less than 2 years prior to the application date
• Business must be at least 2 years old at time of application
I recognize this won’t apply to most of you but those where it does apply it could be significant.
Small Business California will be monitoring the number of loans made and will be working to expand the eligibility beyond 2012.
Regulations are a big issue for small business. Small Business California has established a regulatory committee and are looking to hear about regulations that are burdensome and accomplish little or nothing.
Please let me know if you are aware of any of these. I just came across a regulation which impacts my industry.
Please see below what insurance agents and brokers are required to do if they take your driver’s license number to provide you quotes on automobile insurance. The DMV is now auditing agents and brokers for this information.
• What privacy policies has the organization established with respect to the collection, use, and retention of DMV information?
• Do you have a written information security program or policy? If yes, please provide a copy of the policy.
• Identify the locations, systems, and methods for storing, processing, transmitting, and disposing of DMV information
• Please describe your procedures in the event of a security breach.
• How are employees with access to DMV information trained in privacy protection?
• Do you maintain an Information Security Statement (DMV Form INF 1128) for each employee authorized to access DMV records (If yes, please provide us with copies of these statements).
• Do you have a list of inactive or terminated employees that had access? (If applicable, please provide us with a copy of this listing).
• How many computer terminals are capable of making inquiries? Where are they located? Are the terminals secured when unattended? Explain how they are secured.
• Your terminals that access DMV records should display a “warning banner” containing some variation of the following admonishment: “WARNING: Unauthorized access or misuse of data may result in adverse action and/or criminal prosecution.” Does this banner display?
• Do you keep a log of all inquiries made? If yes, provide log.
• Describe access controls on computer systems containing DMV information to prevent access by unauthorized staff or other individuals.
• How often are passwords required to be changed? How are password changes initiated?
The questionnaire further requires the agency to provide a copy of the agency’s Requesters Information Security Program or Policy, Information Security Statements for the past two years, a list of inactive or terminated employees, a list of current authorized users, a list of current user terminals, and an inquiry log for inquiries processed in April 2008.
I think this may be a little excessive but what do you think?
Small Business California
2311 Taraval Street
San Francisco, CA 94116