A Range of Loan Products Helping Your Business Grow and Prosper!
- Working capital lines of credit
- Permanent & seasonal working capital loans
- Equipment financing
- Facility expansion & construction financing
- Real estate loans
- Small Business Administration (SBA) loans
Loans to establish a new business, or to assist in the acquisition, operation, or expansion of a new business.
Eligible Use of 7(a) Loan Proceeds Include:
- The purchase of land or buildings, to cover the cost of new construction, or the expansion or conversion of existing facilities
- The purchase of equipment, machinery, furniture, fixtures, supplies, or materials
- Long-term working capital, including the payment of accounts payable and/or the purchase of inventory
- Short-term working capital needs, including seasonal financing, contract performance, construction financing and export production
- Financing against existing inventory and receivables under special conditions
- The refinancing of existing business indebtedness that is not already structured with reasonable terms and conditions
- To purchase an existing business
Long-term financing is designed to encourage economic development within a community. The 504 Program provides small businesses with long-term, fixed-rate financing to acquire fixed assets for expansion or modernization.
A Certified Development Company (CDC) is a private, nonprofit corporation that is set up to contribute to economic development efforts within its community. CDC’s work with SBA and private-sector lenders to provide financing to small businesses.
A typical CDC/504 project includes:
- A loan secured from a private sector lender with a senior lien covering up to 50% of the project cost
- A loan secured from a CDC (backed by a 100% SBA-guaranteed debenture) with a junior lien covering up to 40% of the project cost
- A contribution from the borrower of at least 10% of the project cost (equity)
Eligible Use of 504 Loan Proceeds Include:
- The purchase of land, including existing buildings
- The purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping
- The construction of new facilities or modernizing, renovating or converting existing facilities
- The purchase of long-term machinery and equipment