Hello campers, adventure seekers and… accountants? Yes, you heard it right. This blog post is for all the campground entrepreneurs out there who are as passionate about numbers as they are about nature. I mean, who doesn’t love the smell of fresh air mixed with a bit of financial freedom?
You might be thinking, “What’s got him so excited?” Well, the SBA has just announced a massive decrease in their 504 loan program fees.
That’s right, folks! The SBA has taken a deep dive off the high dive and into the pool of affordability. Now, if you’re not familiar with 504 loans, let me enlighten you. These loans are essentially your golden ticket to expanding your business, acquiring new equipment, or setting foot into unexplored territories of your industry. But, like any golden ticket, they’ve been known to come with a hefty price tag. Until now.
The SBA, in their infinite wisdom, has decided to slash program fees for 504 loans. And when I say slash, I mean they’ve practically eliminated them for loans up to $1 million. Yes, you read that right. Zero, zilch, nada. For loans between $1 million and $2 million, the fee has been more than halved. These changes, effective from October 1st, 2023, through September 30th, 2024, are a game-changer for small business owners.
So, whether you’re planning on adding a new zip line course to your campground or upgrading your RV sites, this is the perfect opportunity to press play on your bigger ideas. Now, remember this: while these program fees have been reduced to almost nothing, the bank fee still remains at 50 basis points or 0.5%. But hey, a small price to pay for breathing life into your campground ownership, right?
So, what are you waiting for? It’s time to embrace this golden opportunity and venture into new territories of business growth. After all, there’s more to life than business, but a good business can surely add more to your life.
And as always, remember to keep exploring, keep experiencing, and most importantly, keep accounting!
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Donna Bordeaux, CPA with Campground Accounting
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.