empowering economic growth

504 loan program

No-Cost Pre-Qualification

If you answer “YES” to the following questions, your project will likely qualify for the 504 Loan Program!

  1. Will the project finance fixed assets such as building construction, the purchase of an existing building and/or long-term equipment?
  2. Is the business for-profit and located in the United States?
  3. Does the business, including affiliates, have a tangible net worth of less than $20 million, and after-tax profits, averaged over the last two years, of less than $6.5 million
  4. Will the business occupy at least 51% of the project property for existing buildings, or 60% of the project property for new construction?  OR, will the equipment be used for business operations?

If you answer “YES” to the following questions, your project will likely qualify for a 504 Refinance Loan!


  1.    Is the loan to be refinanced at least two years old?
  2.    Is the property being refinanced at least 51% owner-occupied OR long-term equipment?
  3.    Was the debt to be refinanced originally used for the purchase or improvement of fixed assets?
  4.    Has the business been current on the debt to be refinanced for the past 12 months?

It Appears I’m Qualified…Now What?

We’re here to make the process simple for you.  Contact any member of our Lending Team to get started!

Phase One

The first phase involves discussing your business and the project to be financed with one of our Loan Officers.  They will also analyze limited financial information about the business, its borrower(s) and the project.

Phase Two

Phase two involves submitting a complete application for financing.  The basic application materials are no different than what a bank typically requires.  *The first two phases are generally completed within 10 business days.

Phase Three

Phase three is the interim funding process, which generally occurs after SBA approves the project and issues a commitment for the 504 loan.  The project funds are then provided by the participating lender.

Phase Four

Phase four completes the transaction with funds provided by Growth Corp (through the sale of bonds after the project is complete) to pay down the participating lender for up to 40% of the total project costs.

Growth Corp is the top CDC in Illinois, the largest 504 Lender in Chicago and a top ten 504 Lender Nationwide, but we're still just a small, focused team working together every day to make the 504 process the best it can be.

We know that when it comes to 504 loans, it's about much more than just getting an approval.  It's the ease-of-mind that comes from knowing Growth Corp's team has their finger on the pulse of the process from application to funding and even beyond into long-term servicing. It's knowing you will be informed every step of the way by the point-person responsible for overseeing the closing of your loan. It's knowing that, given Growth Corp's extremely low turn-over, you'll have the same experienced team members continuing to serve you year-after-year.

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 results in an expedited process for both borrowers and lending partners.  In addition, under the ALP Express Program, Growth Corp has been granted the authority to approve, authorize, close and service SBA 504 loans of $500,000 or less.

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.  But, remember, we're just a small team working together every day to make the 504 Loan process the best it can be.

How Will You Grow Your Business?

877-BEST 504


A Non-Profit Organization Focused Exclusively on Small Businesses
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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.