SBA 504 LOAN PROGRAM
Need a small business loan?
You’ve come to the right place.
The 504 Loan Program is one of the best financing solutions on the market. It provides small business owners with financing for the purchase, construction and renovation of commercial real estate and/or the purchase of long-term machinery and equipment. The best part? Borrowers typically receive financing for up to 90% of the project cost at a low fixed interest rate, which is then locked in for twenty years (10 for equipment). Plus, with the re-launch of the Refinance Program, small business owners can use the long-term, fixed rate 504 Loan Program to refinance existing commercial mortgages.
504 Loan Features:
Low, Fixed Interest Rates
With the 504, borrowers take advantage of a low interest rate, which is fixed for twenty years (or ten years for equipment).
10% Down Payment
In most cases, borrowers receive a 90% advance, which preserves working capital for day-to-day business expenses.
Includes Soft Costs
The 504 finances total project costs, including not just the costs for land, existing building, hard construction and equipment, but also soft costs like furniture, fixtures, closing costs and professional fees.
No Future Balloon Payments
With the 504, borrowers do not have to concern themselves with saving the large amount of cash necessary for a balloon payment. This eliminates the need for refinancing, additional appraisals and deterioration in property values.
Predictable Monthly Payments
Borrowers lock in a low fixed interest rate, which gives them predictable payments and allows them to easily forecast for future years. So there’s no inflationary pressures and interest rate increases to worry about.
Keep Your Current Lender
The 504 Loan Program requires a partnership between Growth Corp and a lending institution, so there’s no need to give up that lending relationship you’ve grown comfortable with.
How SBA 504 Loans Work:
A bank provides a first mortgage for
50% of the total project costs
SBA 504 LOAN
An SBA 504 Loan provides a second mortgage for 40% of the total project costs
The borrower provides a down payment of typically just 10% of the total project costs
504 LOANS FINANCE
Are you looking to expand your small business by purchasing a new property, buying equipment or adding a second location? Do you also want to lock in your interest rate and minimize your down payment requirements?
Are you a commercial lender facing tighter lending standards? Do you need to reduce your bank’s exposure to close a deal? Or, are you wanting to offer a long-term fixed rate and lower down payment option to your borrower?
Do you currently have a 504 loan with us? Are you looking for assistance with your loan or do you need to modify an account? Or, are you ready to expand your business again by purchasing property or adding new equipment?
Estimate your monthly 504 loan payment.
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A Sampling of Our 504 Projects
Our mission is to advocate for small businesses.
We love our communities and believe small business is the foundation of their economic prosperity. We will do all we can to support you and your business goals. Start-ups to seasoned businesses and everything in between can benefit from working with Growth Corp. Here’s why:
We Are An Industry Leader
We’re the #1 SBA 504 Lender in Chicago and Illinois. Growth Corp also consistently ranks as one of the top ten SBA 504 Lenders nationwide.
In Business Since 1992
We’ve assisted thousands of businesses spanning various industries. In fact, our portfolio is currently in excess of $675 million.
Trusted by the U.S. SBA
SBA recognized Growth Corp as an Accredited Lender after a thorough review of its policies, procedures and prior performance.
SBA 504 LOANS
How Will You Grow Your Business?