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What is the 504 Loan Program?

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504 loans

Content

What is the 504 loan program?

The 504 loan program provides long-term, fixed rate funding for significant set assets that promote business development and job development.

504 loans are available through Certified Development Companies (CDCs), SBA’s community-based not-for-profit partners who promote economic advancement within their neighborhoods. CDCs are accredited and controlled by SBA.

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

Am I qualified?

To be eligible for a 504 loan, your company should:

– Operate as a for-profit business in the United States or its ownerships.
– Have a concrete net worth of less than $20 million.
– Have a typical earnings of less than $6.5 million after federal earnings taxes for the 2 years preceding your application

Other basic eligibility standards include falling within SBA size guidelines, having actually certified management competence, a feasible service plan, good character and the capability to pay back the loan.

Loans can not be made to organizations taken part in nonprofit, passive, or speculative activities. For extra information on eligibility criteria and loan application requirements, small companies and lending institutions are encouraged to contact a Qualified Development Company in their location.

How do I use a 504 loan?

A 504 loan can be used for a series of properties that promote service development and task creation. These consist of the purchase or construction of:

– Existing buildings or land.
– New facilities.
– Long-term machinery and devices with a helpful staying life of a minimum of ten years, including project-related AI-supported equipment or machinery for production items.
– Consolidating debt under the conditions listed in 13 CFR 120.882, paragraph (e) and.
– Repaying or re-financing financial obligation 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 centers

A 504 loan can not be utilized for:

– Working capital or inventory.
– Consolidating, paying back or re-financing debt that does not satisfy the meaning of “qualified financial obligation” under 13 CFR 120.882, paragraphs (e) and (g).
– Speculation or financial investment in rental realty.
The funding of AI-related operating capital, intellectual residential or commercial property, or consulting services soft costs

What do I need to use?

504 loans are available solely through Certified Development Companies (CDCs). Find a CDC in your area to guarantee you are dealing with a certified loan provider. CDCs are uniquely certified to understand 504 loan program guidelines, and will help you navigate the lending institution channels to develop your task funding.

Find a CDC near you

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

How do I repay my 504 loan?

Active 504 loans

Loan payment terms differ according to numerous factors. Borrowers with active 504 loans can make payments through the Central Servicing Agent, usually by ACH regular monthly draws. Payments can also be made by wire or check.