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According to the SBA, “The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities.”
In a nutshell, it’s basically set up for you to own your own property as a business owner. If you’re buying or refinancing pieces of property (where you occupy at least 51% of it), here are the details you need to know.
These are all things you should think about if you’re buying a new building. If you’re already in a lease, think about buying it out or buying the space from your landlord.
At TGG, we can help you figure out a breakeven analysis to see whether or not this makes sense for you because if you can buy a piece of property, put 10% down, get a 25-year fixed loan for 2.62%, chances are that’s going to be way under any rent payments you might be making today.
After you download our package you can work with our CFOs, who are very familiar with this program, so we can help you get the money that you need to go out and buy a new building. Here are the benefits to you with the 504 loan program:
Contact us today for help with your banking package, finding an SBA lender, or help with real estate referrals. This loan is available for most businesses who make between $1-50 million in revenue. So consider this as an opportunity for you to create wealth, reduce your costs, keep people employed, and move your business forward.
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
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