To optimize your business for success, you need the right financing to help you grow. Countryside Bank empowers your financial future by working with the Small Business Administration (SBA) to offer personalized loans.
What is the SBA 504 Loan Program?
SBA 504 loans give you long-term, fixed-rate financing and help you to expand or modernize your business, such as with machinery purchases or facility improvements.
What you should know about the SBA 504 Loan Program
SBA 504 loans cannot be used for inventory or working capital, and each one requires the participation of a Certified Development Company. So, the SBA CDCs provide 40% of the total project costs, the lender (that would be us) covers up to 50% of the total project costs, and the borrower contributes 10% of the project costs.
How to use a companion SBA 7(a) Loan
The 504 and 7(a) programs can be used in conjunction. For example, a 504 loan can be used to construct a building, and a companion 7(a) can be submitted simultaneously to finance machinery, equipment, inventory, working capital, etc.
With our knowledge, speed and commitment to SBA lending, Countryside Bank should be your first choice for small business loans. Want to apply now? Download our application below!