SBA 504 Loan Program
The SBA 504 Loan program is for existing businesses that need a capital injection for the purchase or improvements of hard assets. This means that a business that needs to borrow money to purchase land or equipment , or acquire a building could be eligible for the SBA 504 loan.
The program is intended to be used for job creation. For example, for every $50,000.00 in loan amount the small business will be required to create one job. (Small manufacturing has a $100,000.00 per job creation goal. Of course, there are exceptions that will apply. Please ask your SBA loan consultant for more information.
SBA 504 loan program | community development goals
You may also qualify if you meet the SBA community development goal. The goals of the policy are as follows:
- Revitalization of local business districts
- Improvements and increase in regards to exports
- Development in the community for minority small business owners
- Development of the counties rural communities
- Improvements that would increase competitiveness and increase productivity
- Hardship do to standards, restructuring, or policies mandated by the federal government
- US veterans’ small business owners that would like to expand. (disabled veterans would be given special consideration)
- Women who would like to expand their small business.