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504 loans

Content

What is the 504 loan program?

The 504 loan program offers long-lasting, fixed rate funding for major fixed assets that promote business development and job development.

504 loans are offered through Certified Development Companies (CDCs), SBA's community-based nonprofit partners who promote economic development within their communities. CDCs are certified and regulated by SBA.

The optimum loan amount for a 504 loan is $5.5 million.

Am I qualified?

To be qualified for a 504 loan, your organization must:

- Operate as a for-profit company in the United States or its belongings.
Have a tangible net worth of less than $20 million.
Have an average net income of less than $6.5 million after federal earnings taxes for the two years preceding your application

Other basic eligibility standards consist of falling within SBA size standards, having qualified management knowledge, a possible organization strategy, great character and the ability to pay back the loan.

Loans can not be made to businesses engaged in nonprofit, passive, or speculative activities. For extra information on eligibility criteria and loan application requirements, small companies and lenders are motivated to get in touch with a Licensed Development Company in their area.

How do I utilize a 504 loan?

A 504 loan can be utilized for a series of assets that promote company development and task creation. These include the purchase or building of:

- Existing buildings or land.
New centers.
Long-term equipment and devices with a useful remaining life of a minimum of ten years, including project-related AI-supported equipment or machinery for manufacturing items.
Consolidating financial obligation under the conditions listed in 13 CFR 120.882, paragraph (e) and.
Repaying or refinancing debt specified as "qualified financial obligation" under 13 CFR 120.882, paragraph (g)

Or the enhancement or modernization of:

- Land, streets, energies, parking lots and landscaping.
Existing facilities

A 504 loan can not be used for:

- Working capital or inventory.
Consolidating, paying back or re-financing financial obligation that does not fulfill the definition of "certified financial obligation" under 13 CFR 120.882, paragraphs (e) and (g).
Speculation or investment in rental property. The financing of AI-related operating capital, intellectual residential or commercial property, or consulting services soft expenses

What do I require to use?

504 loans are available exclusively through Certified Development Companies (CDCs). Find a CDC in your area to ensure you are dealing with a certified lending institution. CDCs are distinctively qualified to understand 504 loan program policies, and will help you browse the lender channels to develop your project funding.

Find a CDC near you

Find Certified Development Companies (CDCs) authorized to release 504 loans.

How do I repay my 504 loan?

Active 504 loans

Loan repayment terms differ according to a number of aspects. Borrowers with active 504 loans can make payments through the Central Servicing Agent, generally by ACH monthly draws. Payments can likewise be made by wire or check.