• Preparation is the Key to Success for 504 Loans

    Alexander Graham Bell once said, "Before anything else, preparation is the key to success." This applies to any aspect of life, but is especially true in business. For small business owners seeking financing for expansion or starting a business, being well prepared for the application process can mean the difference between success and failure. Fortunately, a powerful ally exists in Small Business Development Centers (SBDCs).

    SBDCs provide a large variety of technical assistance to small businesses and entrepreneurs that will prepare them for future challenges. They are hosted by leading universities and colleges in partnership with the Small Business Administration. Their mission is to aid entrepreneurs in becoming business owners and help existing businesses remain competitive.

    Community Business Finance aids in this mission by providing long-term, low down payment, fixed-rate financing to promote economic growth in our communities. We seek to help borrowers understand the 504 Loan Program with our 504 School. We have identified the information that businesses will need to provide during the loan process, as well as outlined the elements of a solid business plan.

    SBDCs are a great resource to assist you in gathering and understanding this information. Their consulting services are free of charge and they offer training services at a nominal fee. If you are looking for specific business information or data, you can access their library reference services. This is helpful when researching market or industry trends and creating your marketing plan. It is also useful in identifying your competitors, suppliers, or potential clients.

    SBDCs offer free confidential one-on-one consulting for long-term business advising. Their experienced counselors will evaluate your business idea and strengthen your business model. They can help you understand your financials and create a business plan that appeals to lenders. They offer low-cost workshops and seminars in a classroom setting as well as online. There are about 1,000 SBDCs nationwide with many locations in Texas and Louisiana.

    Don't get caught unprepared for the loan application process! Both the SBDC network and Community Business Finance aim to help business owners and entrepreneurs gain the knowledge needed for financial success. Visit your local SBDC or browse our website for more information on the 504 Loan Program. You might be interested in 3 Mistakes to Avoid When Applying for a 504 Loan. 

    Get started on a 504 loan application by filling out a short online form and a loan expert will contact you. You can also contact our office directly:

    In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at bill@communitybusinessfinance.com.

    In Louisiana, call Jeanne Bergeron at 1-800-462-1017, or email her at jeanne@communitybusinessfinance.com.

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