Buying a Business: A 504 Loan in Action
When recently discussing some myths that surround Community Business Finance's 504 Loan Program, we noticed something amusing. There is a prevalent belief that 504 loans are not really meant for start-ups, because entrepreneurs should be focused on building the business, not buying a building. Strangely enough, there is an equally prevalent belief that 504 loans are mostly for start-ups, because they don't have the financial history needed to get a conventional loan and the SBA wants to help people get started (versus maintaining a healthy business).
