The current rates are the lowest ever recorded!

25-Yr: 2.27% | 20-Yr: 2.21% | 10-Yr: 2.39% | Refi: +0.0015%
Interest Rate History

empowering economic growth

504 Refinance program


In a nutshell, the SBA Refinance Program was created to help business owners ease their financial burdens and increase profitability.

The 504 Refinance Program comes with two huge advantages.  One, it offers business owners a below-market, fixed interest rate loan.  You’ll enjoy a repayment period of up to 25 years with no balloon payment to worry about.  Second, a long-term fixed rate mortgage alleviates occupancy expense fluctuations.

Furthermore, when you utilize SBA 504 Refinancing, you have the option of tapping into your equity and obtaining cash for payment of many eligible business expenses.  These expenses can include items such as utilities, inventory and lines of credit.

This program was originally released for a trial period only, but given its enormous success, was made permanent in 2016.


  • The borrower’s equity in the collateral often fulfills the down payment requirement
  • Low, fixed interest rate on 504
  • Long loan term – up to 25 years
  • Access cash in the building
  • Payment stability
  • Protection from balloon payments
  • Up to $5 million for SBA portion of loan, no limit on overall project size
  • Keep your lender or allow us to match you with one of our lending partners

504 Refi Stats

$1.3B Refinanced since 2017

$348M Refinanced in 2019

Thousands of businesses have utilized a 504 Refi

Growth Corp is the Top 504 Refi Lender in the U.S.



Local Bank

A bank provides a first mortgage for 50% of the total project costs


SBA 504 Loan

Growth Corp provides an SBA 504 Loan (as a second mortgage) for 40% of the total project



The borrower provides a down payment of typically just 10% of the total project costs

SBA 504 Loans are made in conjunction with your local bank…so you can keep your lending relationship.


What Kind of Rate Can I Expect?

The interest rate is fixed for 20 years much like the standard 504 Loan Program. However, the effective rate will be slightly higher than standard 504 loans due to higher servicing fees.

Will My Project Qualify?

If you answer “yes” to the following questions, the project will likely qualify for the 504 Refinance Program.

  • Is the loan at least two years old?
  • Is the property being refinanced at least 51% owner-occupied or long-term equipment?
  • Was the debt to be refinanced originally used for the purchase/improvement of fixed assets?
  • Has the business been current on the debt to be refinanced for the past 12 months?
Is Refinancing a Permanent Option with 504?

Sort of. While this is not a “temporary program” as it was in 2012, there is a mandate in place stating the Debt Refinancing Program will only be in effect in years the 504 Loan Program is operating at a zero-subsidy.  Every year since FY16 has been a zero-subsidy year.


What Businesses Qualify?

Businesses with a successful track record and growth potential can generally qualify for the 504 Loan Program if the business is for profit and averages less than $5 million in annual profits and $15 million in net worth. Qualifying projects must have originally involved the purchase, construction or improvement of fixed assets such as land and building, and/or purchase of heavy machinery or equipment.


  • The project must meet all other SBA eligibility guidelines
  • The advance rate if no cash is taken is 90% loan-to-value
  • The advance for cash-out is 85% loan-to-value
  • Up to 20% of the appraised value as cash out for qualifying business expenses (salaries, rent, utilities, inventory, etc.)
  • Appraisal:  is required for funding…we prefer to receive it at the time of application
  • Loans with federal agency guarantees are not eligible
  • Other assets can be used as collateral for LTV (if no cash out)


Is a Cash-Out Refinance Available?

Yes. Talk to a Growth Corp loan officer for project specific details.

Eligible Uses of Cash?
  • Repairs or maintenance
  • Salaries
  • Rent
  • Inventory
  • Utilities
  • Payables
  • Line-of-credit
  • Business credit cards

NOTE:  must show accounting statements

504 Debt Refinance – No Cash Out

A widget manufacturer is refinancing an existing $1.8 million commercial real estate loan.  The property appraises at $2 million.

Loan Structure:

  Portion Amount
Bank 50% $1,000,000
Growth Corp 40% $800,000
Borrower 10% $200,000
Total 100% $2,000,000

NOTE:  The third-party (bank) loan must be equal to, or greater than, the SBA 504 debenture amount.  The SBA piece cannot exceed 40% of the appraised value.

504 Debt Refinance – Cash Out

A widget manufacturer is refinancing an existing $1 million commercial real estate loan and would like to get cash out of the building for eligible business expenses.  The property appraises at $2 million.

  • Appraised Value:  $2,000,000
  • Qualified CRE Debt:  $1,000,000
  • Eligible Business Expenses (Cash Out):  $400,000

Loan Structure:

  Portion Amount
Bank 35% $700,000
Growth Corp 35% $700,000
Borrower 30% $600,000
Total 100% $2,000,000

NOTE:  The loan-to-value does not exceed 85% and the cash out portion does not exceed 20% of the appraised value.

Our mission is to advocate for small businesses.

We love our communities and believe small business is the foundation of their economic prosperity.  We will do all we can to support you and your business goals.  Start-ups to seasoned businesses and everything in between can benefit from working with Growth Corp.  Here’s why:

We Are An Industry Leader

We’re the #1 SBA 504 Lender in Chicago and Illinois.  Growth Corp also consistently ranks as one of the top ten SBA 504 Lenders nationwide.

In Business Since 1992

We’ve assisted thousands of businesses spanning various industries.  In fact, our portfolio is currently in excess of $675 million.

Trusted by the U.S. SBA

SBA recognized Growth Corp as an Accredited Lender after a thorough review of its policies, procedures and prior performance.


How Will You Grow Your Business?

877-BEST 504

Central IL Office 217.787.7557   |   Chicago Office 773.880.1455  |  Southern IL Office 618.932.3786

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