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Throughout October, Women's Small Business Month, we are celebrating the successes of women-owned businesses that have benefited their companies and their communities through the 504 Loan Program.

Are you prepared to approach lenders for a business loan? One of the first things a potential lender will ask to see is your business plan. In fact, it will be impossible to secure most loans without one. Community Business Finance has touted the importance of a business plan before, but it is not just another hoop to jump through on the road to funding. It is a living document that shows investors, advisors and lenders the you are serious about making your business successful.

Community Business Finance's 504 Loan Program is specifically designed for purchasing property or equipment with a low fixed interest rate and as little as 10% down. However, the SBA classifies some properties as a "special purpose property," which requires a 15% down payment on 504 loans. Even though borrowers planning to buy a special purpose property should be prepared for this additional expense, it can still be a much lower down payment than conventional lenders require.

Do you need a quick estimate for a 504 loan? Community Business Finance has a mobile website that allows both our lending partners and borrowers to get faster estimates for our 504 Loan Program. Our mobile site allows users to get an estimate on a 504 loan via any smart phone from anywhere at any time. This estimate can then be immediately emailed to anyone in .pdf format. This means an estimate is easy to get and easy to share!