What is the 504 Loan Process?
An SBA 504 loan is a special product that can only be offered by a Certified Development Company (CDC) in partnership with a local lender. WBD is one of the most successful CDC’s in the country and has partnered with hundreds of local lenders to help thousands of small businesses since 1981.
The 504 loan is designed to help small businesses grow and create jobs by financing fixed assets like real estate and equipment. Qualified borrowers can look forward to long terms (20 years for real estate, 10 years for equipment); low, fixed rates (see top of page for current rate) and lower down payments (10%). This program is best suited for projects from about $250,000 – $10,000,000.
One of the greatest advantages of this 504 program is that it helps get financing deals done that conventional lenders are hesitant to tackle alone. In addition to the favorable terms for the borrower, partnering with WBD also reduces risk for the lender as well.
Plus, we help with the paperwork, the process, and the procedures.
For Quick Reference:
3 Reasons to Choose a 504 Loan
WBD Loan Experts Talk 504 Loans on “BizTalk” Radio
Recently, WBD Senior Vice President and Senior Lender Jason Monnett teamed up with WBD Vice President and Loan Officer Matt Wilcox to talk all things 504 and 7(a) on the “BizTalk with SCORE” radio program.
The experts explained how WBD helps small businesses create jobs through an SBA 504 or a 7(a) loan—sometimes both by layering loans to support different parts of the process.
“We’re not quite baseball and apple pie but we’re pretty close,” Monnete explains, “because it’s a job creation economic development program.”
SCORE is a non-profit that provides supports small business growth and goals. With over 300 chapters in the U.S., SCORE is supported by the SBA in its mission to foster vibrant small business communities through mentoring and through educational programs.
Feel free to download a transcript of the WBD-Inc-BizTalk-504-Loan-Podcast.
If you have any questions, or want to know more, click here to find a WBD loan officer near you.