The SBA 504 Loan program is a robust financial development loan system which provides smaller businesses another opportunity for company funding, while marketing company development, and work creation. The $50 Billion in 504 loans has generated over 2 million jobs. This system is a proven success and win-win-win when it comes to small company, the city and participating loan providers.
The 504 Loan Program provides authorized small enterprises with long-term, fixed-rate financing utilized to obtain fixed assets for expansion or modernization. 504 loans are manufactured available through Certified developing Companies (CDCs), SBA’s community based lovers for supplying 504 Loans.
An avowed Development Company (CDC) is just a nonprofit organization that encourages financial development within its community through 504 Loans. CDCs are certified and managed by the SBA, and make use of SBA and participating loan providers (typically banking institutions) to present funding to small enterprises, which often, accomplishes the purpose of community development that is economic.
You will find over 260 CDCs nationwide each having a defined part of Operations addressing a certain area that is geographic.Continue reading