SBA 504 LOAN PROGRAM

Purpose of Loan

• Purchase and construction of commercial real estate

Size of Loan

• Up to $5 million Cash Injection

Requirements

• As little as 10%, depending of use of proceeds

Terms of Loan

• Up to 20 years

Loan Fees

• Standard 504 loan fees
• Construction loan fees based on project size

Qualifying Requirements

• 3 years management experience or 1 year profitable business ownership experience
• Adequate historical cash flow to repay the loan
• Owner/user to occupy 51% of existing building or 60% of new construction
• Net worth of less than $7 million and net profit of less than $2.5 million average over the last two years
• Acceptable credit history

Loan Turnaround Times

• 10 business days for Bank approval upon receipt of complete package
• 45-60 business days funding/initial disbursement from receipt of completed application package and CDC approval

Back to TOP