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504 loan program
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The forms below include an Application Checklist, meant to help you stay organized, as well as some of the initial forms our Loan Officers will need to analyze your business borrower and potential project. However, we encourage you to call or email a member of our Lending Team first so they can guide you through the process.
Disaster Assistance Resources
We’ve put together some information to help you guide borrowers through this difficult time. If at any time you have any questions, don’t hesitate to call or email a member of our Lending Team. We’d be happy to share what we know and help point you in the right direction.
Covid-19 Relief Bill – Dec. 2020:
Section 1112 Under CARES Act – Debt Relief Payments:
Under the CARES Act, the SBA Debt Relief Program paid the principal, interest and any associated fees that are owed on a 504 loan in good standing (regular servicing status) for the six month period beginning April 1, 2020.
The initial availability of this program ended on September 27, 2020. Congress passed a COVID-19 Relief bill on December 21, 2020, which will extend this vital relief. While we are awaiting official interpretation from SBA as to how this will be implemented, you can read the legislative language directly for more details.
Questions About an Existing 504?
If you have questions/concerns about an existing 504 Loan, we’re here to help. Contact any member of our Servicing Team:
Servicing Main Line | 217-241-3000
Growth Corp is the top CDC in Illinois, the largest 504 Lender in Chicago and a top ten 504 Lender Nationwide
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.
Quality, accuracy and quick turn-around times are just some of the reasons why Growth Corp is the top CDC in Illinois, the largest 504 Lender in Chicago and a top ten 504 Lender nationwide.