America’s small businesses make big contributions in our local communities and to our national economy. Celebrating National Small Business Week, May 5-11, 2019, is our chance to salute the small business owners who create two out of every three jobs for Americans. Despite being the backbone of our nation's economy, many small businesses do not get the funding they need to expand their operations.
According to the SBA, there are 28.8 million small businesses in the United States employing 56.8 million workers. In fact, small businesses consistently contribute to economic growth because they create so many jobs, many more than large businesses do. Yet, according to a 2018 BMO Wealth Management study, 60% of small business owners don’t even try to pursue small business capital needed for growth. Of those businesses, 22% don’t apply for funding for fear that they would not be accepted, and another 21% were afraid of how complicated the process was going to be.
With small businesses accounting for 99.7% of all U.S. employer firms, it is imperative that we aid them in obtaining access to critical funding. Besides hindering growth, lack of funds eventually forces small businesses to lay off employees.
The SBA 504 Loan Program is designed to help these businesses fund their growth and create the critical jobs needed in their communities. 504 loans provide businesses with financing for major fixed assets such as office buildings, retail buildings, warehouse facilities, machinery and equipment. With low down payments, below market fixed interest rates, and longer amortizations, the 504 Loan Program allows small businesses to affordably reach their potential and continue to support our nation's economy.
To learn how to partner with Community Business Finance in offering the 504 Loan Program, or to obtain a 504 loan, contact our offices:
Business Development Director
800-462-1017, ext. 203
713-457-1650, ext. 201