In 2018, California passed the California Consumer Privacy Act (CCPA) to protect the privacy rights of California consumers. It went into effect on January 1st of this year, and not unlike Europe’s General Data Protection Regulation (GDPR), the CCPA will no doubt affect many businesses that acquire or collect personal data from Californians. [...]
The SBA's 504 Loan Program helps small business owners save capital by requiring only a 10% borrower contribution. How it works is the SBA authorizes CDCs (that'd be us here at BFC) to provide financing to small businesses with the help of third-party lenders (conventional banks). Here's a quick primer on how it works as [...]
San Francisco Skyline with Colorful and Dramatic Sunrise According to the Modesto Bee, Los Angeles Mayor Eric Garcetti on Wednesday announced he’s backing a campaign to raise taxes on business properties in California, joining powerful unions in supporting a proposal that would raise money for schools and local governments. The proposed ballot measure [...]
Young fashion designer making pattern and talking on the phone The U.S. Small Business Administration announced FY19 lending numbers showing that it guaranteed over $28 billion to entrepreneurs that otherwise would not have access to capital to start, grow, or expand their small businesses. "A strong economy is powering America's 30 million small businesses, and the [...]
Here at BFC, we're proud ambassadors of the Small Business Administration(SBA) and its efforts to help small business owners and entrepreneurs grow and prosper in today's economy. We'eve more enthused when we hear the SBA stepping up to help those in need. On the heels of last year's devastating Camp Fire (California's largest wildfire in [...]
At BFC, we're always excited to share the news when a new team member joins our team. Please welcome Lee Kleinman, as BFC's newest Business Development Officer. Kleinman comes to BFC with more than 30 years’ experience in commercial lending throughout California, having served most recently as Senior Vice President, Senior Commercial Lender for Wells Fargo. As we [...]
The U.S. Small Business Administration recently issued an interim final rule that will adjust monetary-based small business size standards for inflation to allow more small businesses to become eligible for the SBA’s loan and contracting programs. The interim final rule was published in the Federal Register on July 18. The SBA is adjusting its [...]
In a recent report by Global Trade Magazine, California has again placed in the Top-10 states in the country for manufacturing. Nearly 8% of the people who work in the Golden State do so in manufacturing, making the state a hotbed for small businesses that produce tangible products. The states total manufacturing output [...]
Reason 1: Down payments are much more reasonable Compared to convention loans, the SBA 504 Loan Program only requires 10% down—making it a much more affordable option for small business owners. Conventional loans may require down payments that are 2-4 times greater than what the SBA 504 loan requires. Reason 2: A low, fixed [...]
