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Small Business Administration (SBA) loans in Chesapeake: 504 Capital

Small Business Administration (SBA) loans in Chesapeake

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Small Business Administration (SBA) loans in Chesapeake.

Entrepreneurs wanting to start a business in Chesapeake and small business owners in Chesapeake looking to expand their operations have a fantastic loan option available to them from the U.S. Small Business Administration (SBA). The SBA is an independent agency of the federal government that was created in 1953 to aid, counsel, assist, and protect the interests of small business owners. The idea behind creating the SBA was to promote overall economic development by making it easier for small businesses to have easier access to financing in order to promote business growth and the creation of jobs.

One of the most popular products the SBA offers is called an SBA 504 loan. These loans offer long-term, fixed rates that can be used for the purchase of land or an existing building, for building a new facility or renovate a current one, to make site improvements that would help generate additional sales opportunities or customer traffic, and/or to buy machinery or equipment.

Loans are available through a Certified Development Company (CDC) that works as an intermediary between lenders and borrowers. CDCs are experts in SBA loan products, and they have the authority to process, close, and service SBA 504 loans.

SBA 504 loans are beneficial to both sides. For small businesses looking for financing, they offer:

  • Easy Financing.

Borrowers generally only need a 10 percent down payment to secure an SBA 504 loan, compared with 20-30 percent usually required for conventional business loans offered by financial institutions such as banks or credit unions.

  • Better Rates.

Unlike traditional commercial loans, SBA 504 loans provide fixed interest rates and no balloon payments at the end of the loan term. The rates also tend to be lower because the loans are partially guaranteed by the SBA.

  • Longer Terms.

Extended terms on loans can mean lower monthly payments, which is especially beneficial for fledgling small businesses trying to create a customer base. By being able to channel more funds per month into marketing/advertising and to keep cash flow positive, longer loan terms help businesses build slowly and strongly.

  • Larger Loans.

SBA 504 loans can range from as little as $125,000 to $20 million or more. Just remember that you will still need a 10 percent down payment to insure the total loan amount.

For lenders, SBA 504 loans can provide an additional revenue stream for a financial institution or private lender without needing additional people to service the loan. Certified Development Companies bring you the borrowers, take care of all the loan processing, and serve the borrower from beginning to closing.

504 Capital Corporation is a non-profit organization that was founded in 1983 with a mission to assist small businesses and help them grow, promoting economic development and prosperity in Chesapeake and across the Hampton Roads region. We also operate under an Accredited Lenders Program (ALP) designation, giving us greater power to expedite the processing of your application and closing of your loan. When loan timing is critical, we’re the SBA lender you should contact. Get in touch with us and let’s get your dream moving forward.

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

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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.

SBA 504 Loan for Purchase land or an existing building

Purchase land or an existing building.

SBA Loan for Build a new facility or renovate an existing one

Build a new facility or renovate an existing one.

504 loan for buying machinery or equipment

Make site improvements, finance soft costs and professional fees. even buy machinery or equipment.

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