RICHMOND, VA – 504 Capital Corporation is pleased to announce an exciting and strategic expansion into Central Virginia. Zachary Petry has joined the team as a Business Development Officer to provide SBA 504 financing to small business owners in Virginia, North Carolina, Maryland, Washington D.C., West Virginia and parts of rural Pennsylvania.
The addition of Petry made it possible for the leading Certified Development Company to open a Richmond office in May 2020 to further the company’s role as a regional leader and expert in SBA 504 loans. The office, located at 406 West Franklin St., Suite 208, is positioned perfectly between D.C. and Coastal Virginia in a major corridor.
“This office will serve the market well,” says 504 Capital Corp. President Brent Swanson. “It is the next step in expanding services to the areas the company serves. 504 Capital Corporation is invested in supporting its banking partners and borrowers in Central Virginia, and it opened this office in Virginia’s capital so that it may further that support to existing and new relationships.”
Swanson adds that Petry will be the ideal Business Development Officer to lead the new office and all of the company’s capital-area efforts. Prior to joining 504 Capital, Zachary was the Small Business Lending Manager with Virginia Community Capital Bank in Richmond, where his team helped deploy financing for small businesses, offering conventional loans as well as SBA 7a and 504 loans.
“Zachary’s extensive knowledge of SBA 504 financing, coupled with his excellent track record of fostering meaningful business relationships in the commercial real estate community will assist 504 Capital Corp. further its mission to help small business owners in Virginia grow and create jobs,” says Swanson. “Zachary has a proven history of providing financing and excellent customer service to businesses in Central Virginia. He will play a vital role in increasing our impact in the region and support for opportunity zones and rural areas.”
In this role, Zachary will partner with local banks to utilize the SBA 504 loan products for their small business borrowers. These loans can be used for the purchase, development, or refinancing of owner-occupied commercial real estate, as well as equipment purchases.
For the borrower, the SBA 504 loan offers a fixed-rate loan for up to 25 years, with as little as 10% down. Rates on the 504 loan are typically 1-2% below rates for similar commercial loans. For the first mortgage lender, the SBA 504 loan provides a very favorable loan-to-value, allowing these lenders to finance projects they may be unable to otherwise.
For more information about the many ways 504 Capital Corporation can help small businesses grow and improve local economies with SBA 504 lending programs visit 504capital.com.