SHVF May e-News Brief
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size=6>SBA 504 Loan Program e-News Brief</FONT></FONT></TD></TR>
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<TD style="PADDING-RIGHT: 5px; TEXT-ALIGN: right"><FONT
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size=2>May 2006</FONT></TD></TR></TBODY></TABLE>
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style="FONT-SIZE: 13pt; COLOR: #003366; FONT-FAMILY: Georgia,'Times New Roman',Times,serif"
face="Georgia,'Times New Roman',Times,serif" color=#003366
size=3>In This Issue:</FONT></TD></TR></TBODY></TABLE>
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<TBODY>
<TR>
<TD style="BACKGROUND-COLOR: #dbe8f4" vAlign=top align=middle
bgColor=#dbe8f4><FONT
style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
face=Verdana,Geneva,Arial,Helvetica,sans-serif color=#000000
size=2><BR>
<P><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="file:///C:/Documents%20and%20Settings/jung/Desktop/New%20HTML%20Document.html#column"
shape=rect color="#003366">"Small Businesses' Window to Wall
Street": OCC Report Provides In-Depth Assessment of the 504
Program</A></P>
<P><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="file:///C:/Documents%20and%20Settings/jung/Desktop/New%20HTML%20Document.html#article1.bg1"
shape=rect color="#003366">New 20 and 10 Year Rates</A></P>
<P><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="file:///C:/Documents%20and%20Settings/jung/Desktop/New%20HTML%20Document.html#article1.bg2"
shape=rect color="#003366">504 RATE PRIMER: WHAT DRIVES 504
RATES?</A></P>
<P><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="file:///C:/Documents%20and%20Settings/jung/Desktop/New%20HTML%20Document.html#article2.bg1"
shape=rect color="#003366">Contact Us</A></P><BR></FONT></TD></TR>
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<DIV><BR>"Small Businesses' Window to Wall Street": OCC Report
Provides In-Depth Assessment of the 504 Program</DIV></FONT><A
href="http://rs6.net/tn.jsp?t=nd8fovbab.0.0.6a6fftbab.0&ts=S0172&p=http%3A%2F%2Fwww.occ.treas.gov%2Fcdd%2FInsights_2-06.pdf"
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src="Self Help Ventures Fund SBA 504 Loan Program May e-News Brief_files/occ_logo.gif"
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<P>In February, the Community Affairs Department of the
Comptroller of the Currency issued a report on the 504 program
through its "Community Development Insights" feature. </P>
<P>The report takes a highly detailed look at the SBA 504
program, and analyzes its potential advantages for banks and
small businesses alike. The 15-page report describes the
mechanics of the 504 program, outlines the costs, risks and
regulatory considerations involved in being a 504 lender and
how the program can be beneficial to lenders. </P>
<P>At the recent NADCO Annual Meeting, the OCC's Bill Reeves
said he thought the 504 program was a great resource for banks
interested in helping small businesses, and announced that his
staff would begin encouraging lenders to use the program. </P>
<P>The report addresses issues for all levels of bank
administration - from loan officers to marketing personnel,
but especially to underwriters and credit analysts. </P>
<P>If you have needed some objective tools to induce key
personnel to assess the 504 program and figure out how you can
use the program effectively, we highly encourage you to
circulate this report around your bank. </P>
<P>You can also get a copy by contacting us at Self-Help.
We'll be happy to forward you a copy, and schedule a follow-up
visit to address any questions you may have about the report.
</P><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="http://rs6.net/tn.jsp?t=nd8fovbab.0.0.6a6fftbab.0&ts=S0172&p=http%3A%2F%2Fwww.occ.treas.gov%2Fcdd%2FInsights_2-06.pdf"
shape=rect color="#003366">Click here to view the "Small
Businesses' Window to Wall Street" report</A>
</FONT><BR><BR></TD></TR></TBODY></TABLE><FONT
style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
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size=4>Links </FONT>
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<DIV><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="http://rs6.net/tn.jsp?t=nd8fovbab.0.0.6a6fftbab.0&ts=S0172&p=http%3A%2F%2Fwww.sba.gov%2F"
shape=rect color="#003366">Small Business Administration</A>
</DIV><BR>
<DIV><A style="FONT-WEIGHT: bold; COLOR: #003366"
href="http://rs6.net/tn.jsp?t=nd8fovbab.0.0.6a6fftbab.0&ts=S0172&p=http%3A%2F%2Fwww.sba.gov%2Fnc%2F"
shape=rect color="#003366">Small Business Administration of NC</A>
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href="http://rs6.net/tn.jsp?t=nd8fovbab.0.0.6a6fftbab.0&ts=S0172&p=http%3A%2F%2Fwww.self-help.org%2F504loans"
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<TD vAlign=top><FONT
style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
face=Verdana,Geneva,Arial,Helvetica,sans-serif color=#000000
size=2><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana, Geneva, Arial, Helvetica, sans-serif"
face="Verdana, Geneva, Arial, Helvetica, sans-serif"
color=#000000 size=2></FONT>
<P><FONT
style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; COLOR: #000000; FONT-STYLE: normal; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
face=Verdana,Geneva,Arial,Helvetica,sans-serif color=#000000
size=2>This is Self-Help's electronic news brief for lenders.
Each month we deliver current SBA 504 loan rates and share
information that can benefit you and your small business
customers.</FONT> </P>
<P><FONT
style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; COLOR: #000000; FONT-STYLE: normal; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
face=Verdana,Geneva,Arial,Helvetica,sans-serif color=#000000
size=2>As always, we thank you for your support - and look
forward to working with you to provide 504 financing for North
Carolina's growing small businesses.</FONT> </P>
<P>Sincerely, <BR><IMG
src="Self Help Ventures Fund SBA 504 Loan Program May e-News Brief_files/9.gif">
</P>
<P>Jim Overton<BR>Director of SBA 504 Lending, Self-Help
Ventures Fund </P><BR></FONT></TD></TR>
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<LI style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt">New 20 and
10 Year Rates</FONT></LI></TD></TR>
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<DIV align=center></DIV>
<P><B>7.05% </B>fixed for 20 years for real estate projects,
including acquisition, new construction and major renovation.
</P>
<P><B>7.19% </B>fixed for 10 years for equipment and
machinery. </P>
<P>(Rate as of May 12, 2006) </P></FONT></TD></TR>
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<TD style="PADDING-BOTTOM: 10px; TEXT-ALIGN: left"><FONT
style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
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<LI style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt">504 RATE
PRIMER: WHAT DRIVES 504 RATES?</FONT></LI></TD></TR>
<TR>
<TD style="PADDING-LEFT: 10px" vAlign=top></TD>
<TD vAlign=top><FONT
style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Verdana,Geneva,Arial,Helvetica,sans-serif"
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<DIV align=center></DIV>
<P>One question that frequently comes up on 504 projects is,
"How can I predict what the rate will be on the 504 loan?"
</P>
<P>Because we can't set the rate until the project is
complete, this can be a difficult question to answer. As we
frequently tell people, if we could predict rates going
forward, we'd be a lot richer than we are now. </P>
<P>However, there are some basic principles that underlie the
504 market that helps to give us an ongoing window on what's
likely to happen with each loan funding. </P>
<P>The investors in 504 debentures are for the most part large
institutional players. They are looking for a long- term
government-based security that yields slightly more than a
comparable treasury rate. </P>
<P>Investors in 20-year 504 debentures are looking for a rate
comparable to a 10-year treasury note. Investors in 10-year
504 debentures are looking for a rate comparable to a 5-year
treasury note. </P>
<P>In each case, they command a premium over and above the
prevailing treasury rates, to insulate them against the
effects of loan defaults and the like. The "note rate" on 504
debentures tend to run 65- 80 basis points above comparable
treasury rates. </P>
<P>On top of that base rate, we add in the "servicing fees"
each borrower has to pay to the SBA, Colson Services
Corporation and Self-Help Ventures Fund. These servicing fees
in turn push the 504 debenture rates about 120 basis points
higher than treasury rates on the 20-year debentures, and
about 150 basis points on the 10-year debentures. </P>
<P>With that somewhat lengthy explanation, are there some
rough ways to approximate a predicted 504 rate? Here's what we
do:
<UL>
<LI>For a 20-year debenture, we add between 190- 200 basis
points to the prevailing 10-year treasury rate to get an
approximation of the expected interest rate. For instance,
for May, the treasury rate on pricing day was 5.13%, and the
resulting 20-year debenture effective rate is 7.05% -- a
difference of 192 basis points.
<LI>For a 10-year debenture, we add between 215- 225 basis
points to the prevailing 10-year treasury rate to get an
approximation of the expected interest rate. For instance,
for May, the treasury rate on pricing day was 5.02%, and the
resulting 20-year debenture effective rate is 7.19% -- a
difference of 217 basis points. </LI></UL>
<P></P>
<P>There are occasional unusual market conditions that will
drive rates to be lower or higher relative to treasury rates -
but the above estimates have been very predictable for the
last year. So, if you're trying to get an estimate at any one
time, using these principles will give you a good feel for
where 504 rates stand at any one time. </P>
<P><B>One upfront note: </B>The spread over treasury rates
will go down for FY 2006-07. The national 504 portfolio has
performed so well that losses are under expectations. As a
result, the SBA will drop its servicing fee on these loans,
and rates will trend down for the entire fiscal year. </P>
<P>Legislation currently pending in Congress could have a
slight effect on the final size of the servicing fee decrease.
As soon as we have a clear idea of the final outcome of these
rates, we'll give you an update on how you can estimate 504
rates in FY 2007. </P></FONT></TD></TR>
<TR>
<TD style="PADDING-LEFT: 10px" vAlign=top></TD>
<TD style="PADDING-BOTTOM: 10px; TEXT-ALIGN: left"><FONT
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<LI style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt">Contact
Us</FONT></LI></TD></TR>
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<DIV align=center></DIV>
<P>Call the Self-Help loan officer nearest you to discuss a
project or learn more about how you can use an SBA 504 loan to
help your small business customers with expansion needs.
<BR><BR><B>Charlotte Region: </B>Dale Harrold and Ralph
Ansell, Self-Help, Great Aunt Stella Center, 926 Elizabeth
Ave., Suite 302, Charlotte, NC 28204 * 800- 394-7428 </P>
<P><B>Fayetteville Region: </B>Allen Cofiori, Self-Help, 100
Hay St., Suite 300, Fayetteville, NC 28301 * 800-774-7966 </P>
<P><B>Northeastern NC Region: </B>Gerry Blood, Self- Help, 301
South Evans St., Suite 306, Greenville, NC 27858 *
800-893-9669 </P>
<P><B>Southeastern NC Region: </B>Louis Rogers, Self- Help,
272 N. Front St., Suite 300, Wilmington, NC 28401 *
877-559-4284 </P>
<P><B>Triad Region: </B>Travis Idol and Anna Tefft, Self-Help,
122 N. Elm St., Suite 1015, Greensboro, NC 27401 *
800-269-7426 </P>
<P><B>Triangle Region: </B>Joe Osowski, Self-Help, 301 W. Main
St., PO Box 3619, Durham, NC 27702 * 800- 476-7428 </P>
<P><B>Western NC Region: </B>Tom Byers, Self-Help, 34 Wall
St., Suite 704, Asheville, NC 28801 * 800- 229-7428 </P>
<P>Contact our SBA 504 Program Director, Jim Overton, at
919-956-4473 or jim.overton@self-help.org </P></FONT></TD></TR>
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