Starting or growing a business can, and usually does, involve spending in several different areas. And some business owners may find their type of business to be one that lenders pass on due to inexperience with the business type or lack of comfort with the risks. That’s why thousands of small business owners use the SBA 504 Loan Program.
SBA 504 Loans
The SBA 504 Loan Program is designed to help business owners be successful. Funds can be used for purchasing land, purchasing existing buildings and construction/improvements (including grading, utilities, parking lots, landscaping, equipment or furniture/fixtures). However, what people might not realize is that the 504 can also be used for the often “difficult-to-finance projects” as well.
There is plenty of money available for lending. In fact, the SBA has recently displayed significant effort in making the 504 Loan Program available to even more businesses. With higher loan limits, expanded eligibility standards, and a new debt refinance option, more businesses are now able to utilize the 504 than ever before.
Through the 504 Loan Program, banks can offer long-term financing to small business customers who might not otherwise be able to obtain the necessary financing to grow.
So, what type of borrower is a good candidate for an SBA Loan? “Well, essentially, the big national chains don’t need us. However, just about any other for-profit business owner who wants to build, buy, or improve a commercial property will probably be a good fit.”
Medical/Professional
Whether you’re just opening your own practice, or are ready to open a second, third or even tenth office, we’re here to help. We’ve worked with thousands of professionals just like you and we understand the expenses that go into purchasing and furnishing high-end professional offices. Many different types of professionals utilize the 504, such as:
- Doctor’s Offices
- Veterinarian Offices
- Dentists
- Attorneys
- Accountants
- Chiropractors
- Architects
- Graphic Designers
- Physical Therapists
Service Providers
From small, specialty stores to state-of-the-art health clubs, we’ve worked with them all and we understand the nuances and cyclical nature of the service and retail industry. Your number one focus is on your customers and you don’t have time for a lot of paperwork. We get it. That’s why we’ve handled the process for thousands of service providers, such as:
- Restaurants
- Retail Stores
- Health Clubs
- Day Care Facilities
- Car Washes
- Farmers Markets
- Boutiques
- Auto Repair Shops
- Convenience Stores
Manufacturing and Industrial
Whether you need to purchase a piece of highly specialized equipment, are expanding to a larger facility, or are looking to make energy efficiency improvements, we’re here to help you. We’ve been providing financing to manufacturing and industrial firms since 1982 on projects ranging from $200,000 to $20 million, such as:
- Recycling Facilities
- Food Manufacturing
- Steel Production
- Packaging Companies
- Commercial Printers
- Machine Shops
- Freight and Transport
- Wholesalers
Non-Typical or Special Use
Agribusiness Projects
- Grain Elevators
- Irrigation Equipment
- Warehousing and Processing Facilities
- Operations and Fertilizer Plants
- Livestock Feedlots
- Dairy Farm Start-up and expansion
- Livestock Arenas
- Hog Farrow-to-Finish Facilities
Care Providers:
- Assisted Living Facilities
- Independent Living
- Nursing Homes
- Alzheimer’s Facilities
- Drug and Alcohol Centers
- Rehab Facilities
Passive-Income Properties:
- RV Parks
- Campgrounds
- Marinas
- Mini Storage Facilities
Special-Purpose Properties:
- Bowling Alleys
- Medical or Health Facilities
- Sports Arenas
- Wineries
- Auto-Repair Centers
- Car Washes
- Funeral Homes
Other, Lesser-Known Uses of the 504 Loan Program:
- Trucking Company Depots
- Green Initiatives such as Energy Reduction or Renewable Energy
By and large, use of the 504 Loan Program provides a financing solution that can ease business owners’ expansion concerns. And, with recent program enhancements, the 504 is now able to help more businesses than ever before. For more information, download our SBA 504 Expansion Guide or contact any member of our Lending Team.