An expert in Small Business Administration lending, Bruce Nosanchuk serves as a business development officer with Pinnacle Real Estate Group in Detroit. Each year, Bruce Nosanchuk attends the convention of the International Council of Shopping Centers (ICSC) in Las Vegas. The ICSC has more than 70,000 members in more than 100 countries. The organization aims to promote the interests of the shopping center industry by encouraging the distribution of consumer goods and services. The ICSC facilitates this by way of its annual convention and its numerous educational programs, which include the full-immersion Executive Education Tour.This program teaches non-finance professionals the basics of retail real estate finance via an intensive one-day seminar with experienced faculty. Touchstones of the program include how to interpret financial statements, how to analyze important data, and principles of finance and accounting.The program concludes with a mock business deal exercise, based on a real-life case study.
A business development officer at Pinnacle Real Estate Group, Inc., Bruce Nosanchuk has been working in the lending industry for more than 20 years. Over the years, Bruce Nosanchuk has become familiar with a variety of lending options, and he is particularly knowledgeable about SBA loans.To ensure small businesses receive the help they need, the Small Business Administration (SBA) maintains several loan programs. Below are a few common types of SBA loans available to qualifying businesses:- SBA 7(a): These loans are primarily used to assist small businesses and startups with financing for general business purposes, such as working capital or the purchase of furniture. Offering a significant amount of flexibility, SBA 7(a) loans may last for seven to 25 years and are available in amounts up to $5 million.- CDC/SBA 504: Largely used to cover the purchase or improvement of a company’s assets, CDC/504 loans can be obtained for up to $20 million. The SBA backs only about 40 percent of 504 loans, and the interest rate is typically in line with the five- and 10-year United States treasury rates.- Microloan: On average, microloans feature interest rates between 8 and 13 percent and are made in the amount of $13,000. However, they can be made in amounts up to $50,000. Many microloans are given out through community-based, nonprofit organizations. If the loan defaults, the SBA pays money to these organizations.
