SBA 504 Loan Specialist in West Palm Beach, FL
SBA 504 loan features
SBA 504 loans offer long-term, fixed-rate financing of up to $5 million (up to $5.5 million for select projects).
Your loan amount, interest rates and repayment terms will vary based on your individual business, as well as your CDC and bank.
Loan Amount
$25,000 to $5 million. Energy public policy projects and small manufacturers may be eligible for up to $5.5 million.
Repayment terms
10, 20 or 25 years, based on the remaining useful life of the property being financed
Interest Rates
Rates are tied to the 10-year U.S. Treasury notes and are typically around 5% to 7% of the amount financed.
Collateral
The equipment or property being financed serves as collateral. In some cases, borrowers may be asked to provide additional collateral
Fees
Fees typically include SBA, CDC and bank or credit union fees, which vary. These fees are included in the total loan amount, so a business owner's only upfront cost is the 10% down payment.
Funding Speed
Varies, but generally ranges between 30 and 90 days.