Roger DeGegori's passion for aquariums led him to move his business, Fish Gallery, to a busier location with a long lease contract. "I really thought my new lease location was the cat's meow, and I was hesitant about owning a location. I was 100% wrong," said Roger.
In the world of business financing, SBA 504 loans do not get the same attention as SBA 7(a) loans. This four-part series is intended to help you better understand the uses and benefits of a 504 loan.
Community Business Finance works closely with you during the 504 Loan Program process. The following outlines the steps and how we will assist you:
In the world of business financing, SBA 504 loans do not get the same attention as SBA 7(a) loans. This four-part series is intended to help you better understand the uses and benefits of a 504 loan.
A small business can use proceeds from Community Business Finance's 504 Loan Program for direct expenditures to acquire, construct or convert a facility for company expansion, such as:
In the world of business financing, SBA 504 loans do not get the same attention as SBA 7(a) loans. This four-part series is intended to help you better understand the uses and benefits of a 504 loan.
The following are the many benefits of Community Business Finance's 504 Loan Program.
In the world of business financing, SBA 504 loans do not get the same attention as SBA 7(a) loans. This four-part series is intended to help you better understand the uses and benefits of a 504 loan.
Congress established the 504 Loan Program in 1987 to promote economic development in a Certified Development Corporation's trade area. The program goals are met primarily through projects that create job growth in local communities.
Financing a new business can be daunting. Start-up companies don't have the financial history that lenders require during the loan process. Banks are conservative lenders and may not be willing to take a risk on a new company. The risk for the lender is lessened with a guarantor, and Community Business Finance will help your start-up with SBA Guaranteed Loan Programs.
At Community Business Finance, we offer both popular SBA loan guarantee programs: 504 and 7(a). While both programs require in depth business plans, they are designed for different business needs, with different goals in mind. The 504 loan is intended for economic development; therefore, its use is restricted to real estate and fixed asset purchases, as these promote job creation. The 7(a) loan can be used for working capital for almost any business expense.
Did you know that out of the 6 million US businesses with employees, over 98% are defined as a small business? In fact, small businesses are responsible for 60% to 80% of all new jobs created in America. Small businesses are so important that the federal government offers the 504 Loan Program designed to help grow small businesses. What exactly, then, defines a small business?
As you have probably heard by now, interest rates are on the rise. As debenture rates rise, the interest rates on SBA loans also rise. For businesses seeking property or equipment loans, finding the lowest interest rate seems like the best move. However, bear in mind that the interest rate is only one aspect of your loan contract. Therefore, the loan with the lowest interest rate might not actually be the best loan for your business.
Whether your business needs a new office space or manufacturing equipment, securing a loan is often the first step. Finding the right lender and the right loan for your business can be confusing and exhausting. Fortunately, Community Business Finance offers the 504 Loan Program which will help you expand your operations.
