504 LOANS FINANCE
empowering economic growth
Rates & Terms
- Fully amortized for the life of the loan
- Interest rate is locked when the debenture is sold
- Real estate: 10-, 20- or 25-year terms
- Equipment: 10-year term
- $5 million (typical projects)
- $5.5 million per project for manufacturers or “green” projects
- There is no maximum lending limit on the bank’s portion of the financing
SBA 504 Fees
|Growth Corp Processing Fee||1.500%|
|Loan Servicing Agent Fee||0.250%|
|Bond Underwriter (20 year bonds)||0.400%|
|SBA Guarantee Fee||0.500%|
|Closing Attorney Fees||$2,500|
|Fee to Bank, due before Closing||0.5% of First Mortgage Fee|
Borrower is responsible for paying for closing items, including, but not limited to, credit reports, title work, recording and search fees. Growth Corp will charge the borrower 1% of the 504 loan amount, with a minimum of $2,500, to cover these costs upon loan approval and refund any balance at funding.
The Commitment Fee – Explained
Quite a few people get confused about this. The commitment fee is essentially a deposit. As stated in Section III of your application agreement, “the commitment fee, together with the application deposit, will be used to pay for the closing costs, including, but not limited to, credit reports, title insurance, recording and search fees, Growth Corp legal fees, and all other out-of-pocket costs”. Growth Corp will send a statement detailing the costs paid from these funds together with a refund of the balance, if any, after the loan is funded. (Please note: the loan cannot proceed with closing until these fees are paid in full.)
What to Expect and When
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.
SBA 504 LOANS
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