We here at Community Business Finance love helping our clients achieve their business dreams. We celebrate each loan as the first step in another success story. It turns out we aren't the only ones singing the praises of the 504 Loan Program. There is an excellent article from CBS MoneyWatch that shines a light on how powerful a 504 loan can be.
The article focuses on a skydiving operation and the 504 loan that financed the construction of their new 20,000-square-foot building. The authors were impressed that owner, Doug Smith, was able to secure financing for this type of business, especially in this economic climate. In their research, they discovered what Community Business Finance has been enthusiastic to tell business owners and lenders for years. They discovered that there are numerous incentives for a bank to lend through the 504 Loan Program, making it easier for borrowers to obtain financing.
In Community Business Finance's 504 Loan Program, the lender only provides 50% of the financing, yet has first lien position on the asset. This significantly reduces the bank's risk, and allows lenders to finance projects for businesses that might not otherwise be offered a loan.
The SBA's purpose with the 504 Loan Program is to promote economic development and help businesses create or retain jobs. When lenders participate in this program, they help their own communities to prosper, benefitting all members who live and work there. 504 loans offer lower interest rates, longer amortization and lower down payments for the borrower, making it easier for business to afford the financing they need. Everybody benefits with the 504 Loan Program.
Qualifying for the 504 Loan Program is probably easier than you think. If your business has a net worth under $15 million and net profits under $5 million, you probably qualify. And don't forget, the SBA is working hard to make the 504 Loan Program application and approval processes easier and faster than ever.
Community Business Finance is pleased to see the 504 Loan Program get national attention and to read about a unique business flourishing with the help of 504 loan financing. You can read the CBS MoneyWatch article mentioned here on their website, or you can check out Community Business Finance's success stories on our blog.
Contact Community Business Financetoday to get the financing you need to turn your business dream into a success story.
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