SBA 504 Non-Bank Lender Program
General Description Of SBA 504 Loan Program
The SBA 504 loan program is a long-term financing tool for economicdevelopment within a communityThe 504 Program provides growing businesses with long-term, fixed-ratefinancing for major fixed assets, such as land and buildingsA Certified Development Company is a nonprofit corporation set up tocontribute to the economic development of its communityCDCs are licensed by the SBA as the sole funding source for the SBA 504second lien DebentureOnly owner occupied commercial real estate properties are eligible, SBAdefines owner occupancy as the small business borrower occupying at least51% or more of the subject propertyBusinesses must be determined to be small per SBA standards. That equatesto a maximum $8.5MM business net worth and a maximum $3.5MM averagenet income over the prior two years