SBA opens mortgage program to more firms The Small Business Administration will allow more businesses to refinance their commercial real estate mortgages through its 504 loan program.
The SBA initially restricted this new refinancing option to small businesses that faced balloon payments on their mortgages before Dec. 31, 2012. Beginning April 6, it will open the 504 refinancing option to businesses with balloon payments due after that date.
The Small Business Jobs Act, enacted last September, allowed the 504 program to be used to refinance existing loans on owner-occupied commercial real estate through September 2012. To be eligible for refinancing, the mortgage must be at least two years old and the business must be current on its payments for the past 12 months. Borrowers can refinance up to 90 percent of the current appraised property value, or 100 percent of the outstanding mortgage, whichever is lower.
WTOP tops the revenue heap
All-news WTOP-FM was the top billing radio station in the nation last year, raking in $57.225 million in revenue, an increase of more than 12 percent from 2009.
KIIS-FM, the Los Angeles station that is home to Ryan Seacrest, slipped to No. 2, with 2010 revenue of $54 million, a 2 percent decline over 2009 revenue, according to figures calculated by BIA/Kelsey Advisory Services.
WTOP is the only one of the top 10 billing stations not in New York, Los Angeles or Chicago.
Strayer shares slide as rival’s admissions fall
Shares of Arlington-based Strayer Education Inc. tumbled Tuesday as rival for-profit education company Apollo Group Inc. reported a decline in student admissions.
Shares of Strayer fell $8.26, or 6 percent, to $125.41 after Apollo, operator of the University of Phoenix, reported that new enrollments in its second quarter ended Feb. 28 declined 44 percent. Shares of Apollo fell $2.95, 6 percent, to $39.40.
