SBA Loans are popular with start-up companies and with entrepreneurs who wish to expand their personal contracting business into a classic small business. The Small Business Administration has much to offer to small business owners, from advice and mentoring to SBA loans and grants. At UnsecuredBizLoan.com, we have assembled in one place all the important information you need to get started. We are up-to-date on the latest special programs from the SBA, including their 504 Program.
What is the 504 Program?
The 504 Program is a type of SBA Loan program offered to help small business owners purchase fixed assets to achieve modernization of their equipment and to expand business operations. An SBA Loan available through this program is set with fixed rates over the long term. The loans are made available to small businesses in cooperation with community based partners called Certified Development Companies (CDCs) that are located in your local area. Loans are regulated by the SBA and facilitated by financing from approved participating lenders. The goal of the 504 Program is to improve the economic development of local communities.
How Can 504 Program Loans Benefit Local Communities?
In simplest terms, funneling cash loans into local businesses increases the amount of economic transactions that occur in that community and benefits local residents because these small but growing businesses tend to hire employees from that local community. There are 260 CDCs located across the U.S.; we can help you quickly find one in your area today, or you can find help at your local SBA District Office.
How Does A 504 Loan Work?
For most small businesses, only 10% of expenses need be provided; the lenders and SBA cover the remainder of project costs. Small businesses get fixed-rate interest rates and savings that can increase important cash flow for those businesses. Funds can be used to purchase existing buildings, to buy land or make improvements to property. New facilities can be constructed or old ones modernized. Some refinancing may be available, and loans are often used to purchase long-term machinery.
According to SBA statistics, their 504 Program has created over 2 million jobs through $50 Billion in loans as of February 15, 2012. It has been successfully benefiting local communities, lenders, and small business participants. Get started today by applying for your 504 Program SBA Loan at our website, UnsecuredBizLoan.com.
To apply for funding for your small business, use the form on the right to begin the application process.