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504 Loans

504 Loans. Kayla O’Barr & Hunter Songer. What is a 504 Loan? . 504 programs provide fixed-rate financing for businesses acquiring new facilities or purchasing equipment to update existing locations .

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504 Loans

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  1. 504 Loans Kayla O’Barr & Hunter Songer

  2. What is a 504 Loan? • 504 programs provide fixed-rate financing for businesses acquiring new facilities or purchasing equipment to update existing locations. • A 504 loan is used to help a small business buy the assets that it needs to take their business to the next level. • It is used when businesses want to upgrade facilities or buy new equipment to better their business. • Usually used for real estate, buildings and machinery, at below market rates.

  3. Relative Cost • The maximum amount of a 504 loan is $5 million.

  4. First Steps of Obtaining the Loan • The SBA has a search engine for finding local CDCs. • Contact the local SBA District Office and find where you might could get a 504 loan. • Another source would be talking to a local bank that has a niche in SBA lending.

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