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Grow Your Manufacturing Business with SBA 504

October is Manufacturing Month, which offers the chance for us to celebrate and highlight the manufacturing industry’s many contributions to the state and nation.  According to the Illinois Manufacturers’ Association, “The manufacturing industry is a powerhouse in our...

SBA 504 Has Lower Fees – Who Qualifies?

Good news!  SBA 504 loans approved October 1, 2021, through September 30, 2022, will see lower fees.  The reduction in fees equates to about a 20 basis point lower interest rate.  So, with rates still low, and new lower fees, let’s dive into who qualifies for a...

SBA 504 Loan Volume is Surging Nationwide

The 504 Loan Program’s volume is surging nationwide, with more than 9,000 loans made, for a total dollar amount of more than $7.9 billion.  This begs the question…why is this small business loan program continuing to show double-digit, year-over-year growth? Created...

New SBA 504 Refinance Offers Big Benefits

The new SBA 504 Refinance offers big benefits and more small businesses may be eligible.  The biggest changes were a reduction in the age of the debt to be refinanced and the ability to refinance existing loans with government-guarantees (i.e. existing 7(a) or 504...

Back 2 Business Grant Announcement

August 18, 2021 – As part of Governor JB Pritzker’s overall economic recovery strategy, the $250 million Back 2 Business (B2B) grant program aims to deploy small businesses recovery grants for those hit hardest by the COVID-19 pandemic. The B2B grant program builds on...

Five Factors Impacting SBA Lending Right Now

There are many factors impacting SBA lending right now and SBA’s role has grown even more important in the past 18 months, having been charged with distributing various recovery resources aimed at helping small businesses strengthen, recover, hire, and grow.  This...