Skip to content


Why Now is the Time to Refinance Real Estate

Creative Kids of Downingtown
Photos courtesy Creative Kids in Downingtown -

Ever since new enhancements for debt refinancing went into effect in August, we’ve been touting the benefits. But how does it play out in real life? Jim Grisillo, of Creative Kids in Downingtown, Chester County, PA, was so thrilled that he not only told us – he told a room full of 200+ people.

Jim joined Seedcopa’s Relationship Manager Marie Shires to share his story at the Annual Stakeholders Meeting for the Chester County Economic Development Council last month.

Seedcopa's Marie Shires and Creative Kids owner Jim GrisilloThe Situation

As the owner of a childcare facility in operation since 2011, Jim knew that enrollment would soon be back up to pre-COVID levels and reach capacity by the end of 2021. To accommodate this latest swing in the pandemic economy, he wanted to refinance his $1.3 million in real estate term debt plus an additional $300,000 to pay off a business line of credit and provide cash out for eligible business expenses.

The Solution

Working hand-in-hand with Seedcopa and his lender, WSFS, Jim was able to attain an SBA 504 Refinance Loan to refinance 100% of his real estate debt over 25 years at a fixed rate of around 3% and lower payments, plus cash out for business expenses.

Key Points

  • Available to refinance SBA 504 and 7(a) loans with lower fixed rates for the life of the loan. Some restrictions apply
  • Lower monthly payments, terms up to 25 years
  • Cash out: Up to 20% of appraised value of commercial real estate can be used for future operating expenses
  • No out-of-pocket: Ordinary closing costs and expenses may be refinanced
  • 85% of the debt to be refinanced must originally have been used for commercial real estate purchase, construction or improvements
  • Debt must be at least 6 months old at the time of SBA application
  • Appraisal required, current within 12 months
  • Seedcopa works with your local lender, handling SBA interactions and documentation for the borrower and banker

To see if your business is eligible and learn more, contact Seedcopa Relationship Manager Marie Shires at or 610.458.5700.

Seedcopa logo

For almost forty years, Seedcopa + SeedcoDE has helped businesses get the money they need to start, grow and expand. We are proud that the loan programs we work with promote economic development.

Together with economic development partners throughout Pennsylvania and Delaware, we help to grow local businesses, create and retain jobs and stimulate local communities.

Our team has over 75 years of combined government lending experience and a dedication to excellent customer service. After our initial assessment of your project, our commitment is to get you approved and closed.

Back To Top