SBA 504 Loan Program
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery. Certified Development Companies are established under the 504 code as non-profit corporations set up to support economic growth in their local areas.
The SBA 504 loan program offers small business owners affordable long-term fixed rate financing through a partnership with your bank. The business must occupy 51% of an existing property to be financed or 60% of new construction. Additionally, the project must help maintain current employment levels or create additional jobs, unless a Public Policy goal is met.
How many years has the business been in existence?
How many employees does the business have?
What is the business’ estimated annual revenue?
Is the business a for-profit business? What is the business type?
What is the total amount of financing that you are seeking?
How will you use the money?
Is collateral available to support the loan?
Are you interested in receiving business advisory services (technical assistance)?
Do you have a written business plan?
Have you applied for a loan with another financial institution?
Please provide a description of the current status of the business highlighting the reasons why you need financing