Why an SBA 504 Loan Could be just what Your Business Needs
The 504 Loan Program provides small businesses with long-term, fixed-rate financing used to obtain fixed assets for growth or renovation. 504 loans are made available through Certified Development Companies (CDCs), SBA's community based partners
for providing 504 Loans.
504 Loans are normally structured with SBA providing forty percent of the total project costs, a participating lender covering up to fifty percent of the total project costs, and the borrower contributing ten percent of the project costs. Under certain circumstances, a borrower may be required to supply up to twenty percent of the total project costs. Maximum projects costs are in the range of (but not limited to) twelve million.
A CDC is a nonprofit corporation that promotes economic development within its community through 504 Loans. CDCs are certified and regulated by the SBA, and work with SBA and participating lenders (typically banks) to provide financing to small businesses, which in turn, accomplishes the goal of community economic development.
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