By: Stephen Umberger, District Director
Small enterprises thinking about buying or renovating commercial estate that is real buying gear to develop or expand their companies should think about the U.S. Small company Administration’s (SBA) 504 Loan Program. The 504 loan provides small enterprises use of exactly the same sort of long-term, fixed-rate funding enjoyed by bigger businesses. Interest levels are comparable to favorable relationship market prices.
Most Maryland companies could be entitled to this loan system. The 504 Loan Program describes a company as tiny if its worth that is net is $7 million and net profits, after fees, are under $2.5 million. Nearly every variety of genuine company is qualified to receive 504 funding, including production, wholesale, solution, expert service or retail.
A 504 loan enable you to purchase fixed assets such as for example: land and improvements, including owner-occupied structures, grading, road improvements, utilities, parking lots and landscaping; construction of brand new facilities, or even modernize, renovate or transform existing facilities; or even to buy long-lasting equipment and gear with a helpful lifetime of at the very least 10 years. Read More