Community Business Finance is committed to helping businesses achieve their dreams with our 504 Loan Program. We provide businesses with financing for major fixed assets such as office buildings, retail buildings, warehouse facilities, heavy equipment, and commercial vessels. Projects are typically financed with two loans: a first lien loan through a commercial lender for 50% of the project cost and a second lien loan for 30% - 40% of the project cost, financed by Community Business Finance. The borrower provides a 10% - 20% down payment.
Excellent news for small business owners from the SBA! The 504 Debt Refinancing Program begins this Friday, June 24th. The 504 Loan Program was created to provide long-term financing to small businesses for the purchase or improvement of land, buildings and major equipment. The Small Business Jobs Act of 2010 authorized the use of the 504 Loan Program to refinance debt where there was no expansion of the business. However, this program expired on September 27, 2012, so news that the SBA reauthorized the Debt Refinancing Program is very welcome indeed.
Are you interested in the 504 Loan Program but unsure about what is involved? Community Business Finance's four-step loan process makes getting a 504 loan easier to understand. Our loan experts will navigate the entire process, from application through final funding, to make it as painless as possible for the borrower.
In part 2, we explain closing and final funding. For even more information, visit our 504 School.