SBA 504 LOAN PROGRAM
SBA recognized Growth Corp as an Accredited Lender after a thorough review of its policies, procedures and prior
performance. The prestigious ALP status grants Growth Corp increased authority to process and close 504 loans, which provides expedited processing of loan approvals and closings.
Who We Are
- Growth Corp is a not-for-profit organization empowered by the U.S. Small Business Administration to marshal the 504 lending program to small businesses throughout the entire state of Illinois, and parts of Missouri, Indiana, Iowa and Kentucky. Growth Corp is focused exclusively on economic development and job creation.
- Growth Corp is dedicated to the advancement of small business concerns and annually invests in local economic development institutions and activities.
- Growth Corp is the largest 504 Lender in Illinois and one of the top ten CDC’s in the Nation.
- Growth Corp has impacted every Congressional District in Illinois, which fulfilled Public Policy Goals and Community Development goals, created and/or retained jobs for local communities and supported economic growth.
504 Loan Program
- The 504 Loan Program is a financing tool for economic growth and development that provides small businesses with long-term, fixed rate loans to help them acquire major fixed assets for expansion or modernization.
- These loans are most frequently used to acquire land, buildings, machinery or equipment.
- Certified Development Companies (CDC’s), such as Growth Corp, work with SBA and private sector lenders to provide financing to small businesses under the 504 Loan Program.
- Since 1996, the 504 Loan Program has approved over $70 billion (or over $151 billion if you consider the bank portion as well).
- Historically, the SBA 504 Loan Program has been a self-funding program. FY2012-FY2015, the program received a subsidy due to the economic recession. However, by fiscal year 2016, the program will receive no government subsidy, so the loans will again be at no cost to the taxpayer.
Small Business Lending Creates Jobs
- Small businesses have created more than 65% of the nation’s jobs in the past 17 years.
- Small business expansion benefits communities through job creation, business growth and increased tax revenues.
- From 1991 to 2014, the 504 Loan Program was responsible for creating or retaining over 2.6 million jobs.
- As an eligibility requirement, in order to receive a 504 loan, the borrower’s project must create or retain one job per every $65,000 of 504 dollars lent (or one job per every $100,000 if the borrower is a small manufacturer). Otherwise, a borrower may be eligible if his/her project meets an economic development goal, as defined by SBA regulations (ex: loans to veteran-owned businesses, expansion of exports, etc).
We Specialize in One Thing
…And We Do It Exceptionally Well…