SBA 504 Virginia Loan Benefits
In addition to having a well-educated employment pool and businesses survival rate, Virginia is a great place to start a business based on several different factors:
It is estimated that around 70 percent of the world’s Internet traffic flows through data centers located in Virginia. With additional high-speed trans-Atlantic cables coming in from other parts of the world and the development of new and improved data centers, that number is continually rising.
Virginia business incubators are gaining traction while enrollment in entrepreneurship classes is exploding. This creates increased competition for start-ups and embraces a more business-oriented ideology.
Virginia enjoys a strong economy driven by technology and innovation, boasting lucrative industries such as aerospace and agriculture. Due to its significant military presence, Virginia’s economy is driven by some of the most advanced sectors in the world.
Fourteen commercial airports serve the state. The Port of Virginia serves routes to and from more than 250 ports around the world in 100 different countries, and there are more than 3,400 miles of railroad track in Virginia connecting business with the rest of the country. In other words, if you have a product that needs to be transported across the country or around the globe, Virginia is a fantastic starting point.
Virginia is also home to 504 Capital Corporation, a non-profit Certified Development Company (CDC) of the U.S. Small Business Administration (SBA). We are the trusted SBA 504 loan provider in VA that connects small business owners with investors to start or expand their businesses through SBA 504 loans. We handle all the paperwork to start, service, and close small business loans in Virginia.
SBA 504 loans offer lower interest rates, higher loan amounts (from $125,000 to $20 million or more), and longer terms (10 years for equipment purchases and 20-25 years for real estate purchases, renovations, or site improvements) than loans a business might receive from a commercial lender. SBA 504 loans generally only require a 10 percent down payment from the borrower, so they are easier to get into, and they are fixed-rate loans with no balloon payments required at the end of the term.
504 Capital Corporation also operates under an Accredited Lenders Program (ALP) designation, which means we have increased authority to process, close, and service SBA loans. We also expedite the process by pushing your application through more quickly if the timing is critical to the success of your business.
If you’re looking for small business financing in Virginia, contact us.
