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The SBA 504 Loan Program provides economic development financing that's made to encourage private sector purchase of fixed assets, the outcomes which increases productivity and produces new jobs. The neighborhood tax is made of also enhanced by means of adding assets which taxes are based. This program provides long-term, low down payment, reasonably listed fixed-rate financing to healthy and growing companies which have the prospect of creating new jobs.
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What Is SBA 7(a) Or SBA 504 Loan Program?
The 7(a) loan program, SBA’s most common loan program, includes financial assistance for businesses with unique requirements. The CDC/504 loan program offers financing for major fixed assets such as real estate or business equipment. Both loans can go up to 5 million dollars.
What Is Collateral Requirement For An SBA 504 Loan?
Collateral taken to get the SBA 504 loancommonly includes a second loan on the land and building or a second lien on the equipment that is financed.
Where can I find eligibility requirements for a SBA 504 loan?
One can find out if they meet the eligibility requirements for a SBA 504 loan by checking out the sba.gov website. The eligibility requirements are clearly listed.
How Much Can One Borrow Under The SBA 504 Loan Program?
You can borrow up to $10,000,000 for manufacturing businesses or meeting energy goals.
How The SBA 504 Loan Is Structured?
SBA 504 loan package is a combination of at least three sources: SBA-funded loan up to 40% of overall undertaking value through Certified Development Company, borrower equity of at the least 10%, and the balance (50%) by a local bank, savings and loan or credit union.
