Many lenders may not be aware they are able to offer SBA loans, and these loans are beneficial to both the lender and the borrower. Community Business Finance presents three great reasons that community lenders can and should offer the 504 Loan Program.
Community Business Finance's 504 Loan Program is specifically designed for purchasing property or equipment with a low fixed interest rate and as little as 10% down. However, the SBA classifies some properties as a "special purpose property," which requires a 15% down payment on 504 loans. Borrowers planning to buy a special purpose property should be prepared for this additional expense.
When you think "small business" do you imagine mom and pop stores with a handful of employees? Think again! Out of the 6 million US businesses with employees, over 98% are defined as a small business. This means that many companies that identify as middle market also qualify as a small business concern and are eligible for Community Business Finance's 504 Loan Program.