Alright, studio owners, entrepreneurs, and all you fabulous women-owned companies out there! Let’s raise a glass to the SBA for making our financial lives a tad bit easier. You know how we at Pyop Accounting believe that life is too short for low returns on big energy, right? Well, it seems the SBA just got the memo too!
In a move that has us doing backflips (and not just in the studio), the SBA has decided to give their 504 loans program a makeover. And let me tell you, it’s looking as good as after a fresh set of highlights.
As of October 1st, 2023, fees for loans up to $1 million have gone from “ugh, really?” to “zero, zilch, nada.” Yes, you read that right – zero! And for loans between $1 million and $2 million, they’ve sliced those fees faster than you can say “downward dog.”
This seismic shift in the SBA 504 program isn’t just a game-changer, it’s a whole new league, making things more affordable for businesses like ours. It’s like finding out your favorite yoga pants are now half price – suddenly, everything just fits better.
So, what does this mean for us in the practical sense? Well, it’s time to take your business dreams off the back burner and throw them into the financial equivalent of a hot yoga class. With these revised fees, the path to profitability just got as clear as your skin after a detox cleanse.
Remember, your business should support you as much as you support it. So, why not take advantage of this opportunity? Check with your banker to see how these changes can make a positive impact on your SBA loan application. It’s time to make your studio a main source of income and a worthy investment.
So go ahead, let’s dive into these new SBA waters – they’ve never looked more inviting! And remember, we at Pyop Accounting are here to help you swim, not sink. After all, financial management should be as easy as savasana, right?
Stay tuned for more exciting updates, and remember, the only thing better than a good stretch is a good financial stretch!
Keep growing, keep sharing, and most importantly, keep shining!
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
