SBA 504 LOANS
COMMERCIAL REAL ESTATE | EQUIPMENT | REFINANCE
empowering economic growth
504 loan program
Let’s get started!
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.
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
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.
SBA Debt Relief Details:
Under the CARES Act, the SBA Debt Relief Program will pay 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.
- SBA Debt Relief applies to 7(a), 504 and microloans
- The debt relief is automatic…borrowers do not have to apply
- The six months of debt relief is not a loan or deferment…the payments will be forgiven.
- For 504 loans, the debt relief only applies to the 504-portion of the financing. The first mortgage portion is still handled by the participating third party lender.
PPP – SBA Guidance for Lenders:
Lenders interested in participating in the Paycheck Protection Program can get set up by doing the following:
- Click here to download the Paycheck Protection Program Lender Application Form.
- Click here to view the Lender Agreement and enroll as a participating SBA Lender to make Paycheck Protection Program financing available to your customers.
- Click here to download the SBA Standard Loan Note (Form 147).
- If you would like to submit loan authorization requests via SBA’s online Paycheck Protection Lender Gateway, click here and follow the steps below:
- Create an account on SBA Connect.
- Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
- Proceed to the Paycheck Protection Program Lender Gateway to begin submitting loan authorization requests.
- Lenders who need assistance accessing SBA’s E-Tran system may call SBA’s Lender Customer Service Line at 1-833-572-0502.
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.