Jennifer E. Garrett, editor

As published in Scotsman Guide's Commercial Edition, March 2012.

As the current administration is well aware, recovery from the Great Recession has been long and slow. Attempts to help things along — like the Small Business Jobs Act of 2010 — have met with limited success, perhaps due to the length of time it takes to get things moving in Washington, D.C.

Provisions in the Small Business Jobs Act called for a temporary 504 loan-refinance program from the Small Business Administration (SBA), but this has taken time to get off the ground. In fact, changes to the program’s guidelines were not finalized until this past October — less than one year before the program itself is set to expire. On Page 21, Mercantile Capital Corp.’s Christopher Hurn explains how commercial mortgage brokers can help clients take advantage of this program before it ends on Sept. 27.

Despite these delays, government programs from the SBA, the Federal Housing Administration (FHA) and U.S. Department of Housing and Urban Development (HUD) have been a reliable source of financing during the credit crunch. Whitestone Realty Capital LLC’s Michael Zukerman breaks down the different government programs from requirements to underwriting on Page 40.

In addition, delays currently are in HUD’s crosshairs. The agency is attempting to curtail the processing time required to move a loan application through its system. Love Funding’s Jonathan Camps analyzes the wait times for various HUD programs on Page 36.

And although new programs may more easily catch the eye, Rockhall Funding Corp.’s Kathryn Thompson reminds brokers of the utility of some that have been around a long time: FHA’s multifamily programs, which were put in place nearly 75 years ago with the New Deal. Read more on Page 34.

New players for old programs are stepping up to the SBA financing plate, according to Jordan Blanchard of Secondary Market Access. With banks still hesitant to provide funding, nonbank lenders are filling the void. See how you can take advantage of this market shift on Page 24.

This month’s focus on government carries through right to our Spotlight feature on Virginia on Page 18. Much of the state’s economy is reliant on defense spending, and recently announced defense-spending cuts could have a serious impact on the commonwealth.

jenniferg@scotsmanguide.com