504 Loan Program
504 Loan Program
The 504 loan program is an economic development program designed to finance fixed assets for small businesses on reasonable terms and to stimulate employment through a job retention/creation goal. A 504 project has three main partners and generally: a Third Party Lender provides 50% or more of the financing; a Certified Development Company (Southland) provides up to 40% of the financing through a 504 debenture (guaranteed 100% by the SBA); and an applicant (borrower) injects at least 10% of the financing. New businesses, and those purchasing single purpose properties, must inject at least 15%. A list of properties the SBA deems single purpose can be found on the FAQ page.
Benefits
Low down payment & enhanced cash flow
Long term financing at competitive interest rates
504 Loan Program
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