empowering economic growth

504 Refinance program

Will I Qualify for 504 Refinancing?

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


  • Is the business a for-profit business averaging less than $5 million in annual profits and $15 million in net worth?
  • 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, such as land and building, and/or heavy machinery or equipment?

Benefits of SBA 504 Refinancing

  • 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 for salaries, rent, inventory, utilities, payables, etc.
  • 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


What Kind of Rate Can I Expect?

The interest rate is fixed for 20- or 25- 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.

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.


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.

Case Study:  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.

Estimate your monthly 504 loan payment.

Let’s keep in touch…join our email list…

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


A Non-Profit Organization Focused Exclusively on Small Businesses

By using this website, you understand that Growth Corp is good, but not perfect (although we do try!). Therefore, it is possible that you may find information on this site that is no longer accurate.  Links, images, downloads, pages and blog posts may inadvertently contain information that has been superseded over the years.  You also understand that we aren’t giving any legal, tax, or financial advice.  So, while we hope our site makes you love 504 Loans as much as we do, the content herein is for informational purposes only.