AND EQUIPMENT FINANCING
MARYLAND AND NORTH CAROLINA
LONG TERM FIXED FINANCING
Richmond is a great place for business.
Richmond, Virginia has been voted as one of the best places in the United States to start a business by CNBC, Inc., and CNN. The listings cited Richmond as being business friendly because of an educated workforce, a low cost of living, a business-friendly environment, historical significance, arts and culture, a competitive business climate, and a great quality of life. Another distinct advantage is Richmond’s location in the heart of the Mid-Atlantic region, providing easy access to a large portion of the country’s population. So, now that you know where to locate your new business, here’s how you can get the financing you need to put your dream into motion.
The U.S. Small Business Administration (SBA), is an independent agency of the federal government that is dedicated to helping entrepreneurs and small business owners get easy access to financing so they can build or expand their businesses. Created in 1953, the SBA is devoted to stimulating local, regional, and national economies through the creation of small businesses that generate revenue and create jobs.
Through SBA 504 loans, businesses can receive low, fixed-rate loans with very generous terms to be used for the purchase of land or an existing building, for building a new facility or renovating an existing structure, to make site improvements to existing properties, and/or to buy machinery or equipment.
The beauty of SBA 504 loans is that they provide small businesses with a number of very attractive benefits over conventional business loans offered by other financial institutions such as banks and credit unions. For one thing, SBA 504 loans, in most cases, only require a 10% down payment from the borrower. The SBA considered providing small business loans with no down payment, but realized that borrowers are more invested in the success of their business if they have a monetary stake in it.
SBA 504 loans also come with longer repayment terms than average business loans. Borrowers can take up to 10 years to repay the purchase of machinery or equipment, and 20 to 25 years to repay the purchase of purchasing, renovating, or construction commercial buildings. Plus, there are no balloon payments at the end of the term.
Entrepreneurs and small business owners can apply for SBA 504 loans through what is called a Certified Development Company (CDC). CDCs are experts in servicing SBA 504 loans, they find the financing for you, and they handle all of the paperwork in the processing closing of your loan.
504 Capital Corporation is a non-profit CDC that was founded in 1983 with the specific purpose of helping entrepreneurs and small businesses turn their dreams into realities. We have existing relationships with qualified lenders so we can find the money your business needs to get off the ground or to expand your current operations. We are also your single point of contact throughout the entire process, so if you have any questions or concerns, we’re available to provide you with answers to your questions and peace of mind about your loan. We’re here to serve you.
Your business is our business. Your community is our community.
Invest in small business. Let’s grow together.
LEARN MORE ABOUT OUR SBA 504 LOAN PROCESS IN MARYLAND
RECENT LOAN FUNDINGS
Industrial & Commercial Ship Repair
Graphics Arts Advertising Agency
WHO IS 504 CAPITAL?
504 Capital Corporation was founded in 1983 with a mission of helping small businesses thrive, profit, and promote economic prosperity. We’ve been at it for more than 35 years and we’ve done a lot of good, but we’re not slowing down anytime soon—in fact, we’re growing.
We have expanded our service areas across Virginia state lines helping small businesses get an advantage of SBA CDC 504 loan program in Maryland. We look forward to serving a whole new range of customers while maintaining our excellent level of service for existing clients.
Your success is our success, and we can’t wait to help you succeed.
Purchase land or an existing building.
Build a new facility or renovate an existing one.
Make site improvements, finance soft costs and professional fees. even buy machinery or equipment.