The 504 Loan Program is one of the best financing solutions on the market. It provides businesses with financing for the purchase, construction and renovation of commercial real estate and/or the purchase of long-term machinery and equipment. The low interest rates, long repayment terms and low-down payment requirements takes the pressure off business cash flow and instead preserves it for working capital.
More and more manufacturing businesses are turning to the SBA 504 Loan Program. And with good reason. For years, small businesses looking to grow and expand their operations have found a powerful and supportive ally in the Small Business Administration (SBA). Its 504 loan program is designed to meet the needs of small businesses by providing access to attractively priced financing options not available through conventional sources. But now scores of larger, manufacturing companies are discovering why SBA 504 Loans are an optimal financing solution.
The best part...SBA 504 financing typically covers up to 90% of the project costs at a low fixed interest rate, which is then locked in for 20- or 25-years (10 for equipment). Plus, with the 504 Refinance Program, businesses can use the long-term, fixed rate 504 Loan Program to refinance existing commercial mortgages.
Growth Corp is a nonprofit, mission-based lender dedicated exclusively to connecting businesses with quality expansion capital through administration of the SBA 504 Loan Program. With a commitment to economic development, job creation and the business sector, Growth Corp is ranked a Top 10 National CDC for SBA 504 loan volume and is Illinois’ largest 504 loan provider. In fact, Growth Corp’s substantial portfolio ($817+ million) is particularly impressive because every dollar was utilized by Midwest entrepreneurs to open and expand their businesses.