SBA 504 LOAN PROGRAM
Looking to expand your small business by purchasing a new property, buying a piece of equipment or adding a second location? However, do you also need to preserve working capital for the daily operation of your business?
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?
Refinance Program Improvements! Read more~
Think all small business financing is the same?
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.
Business financing has never been this good.
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.
Estimate your monthly 504 loan payment.
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