Current interest rates for SBA 504 loans as of December, 2022
10-year, standard SBA 504 project
20-year, standard SBA 504 project
25-year, standard SBA 504 project
Previously, 504 debt refinance was only available for complete refinancing of buildings and equipment, or could be used on a limited basis as part of an expansion project. The amount of refinancing that can now be included with an expansion project has doubled. The new rules also allow for refinancing federally guaranteed loans that were used for an eligible project.
For example, businesses that used an SBA 7(a) loan to purchase equipment or real estate can now refinance that debt using the 504 program to enjoy a lower, fixed interest rate.
Mount Pleasant, WI — Following nearly 10 years of building clientele, advancing the practice, and leasing space, Dr. Sally Brown and her daughter, Dr. Tera Pfarr, purchased a 6,000-sf building to expand the business operations of Brown Family Chiropractic in the Village of Mount Pleasant.
Utilizing the Small Business Administration (SBA) 504 loan program, the mother-daughter owners partnered with Town Bank to finance the purchase of the land and the building as well as renovations to their new property at 6420 Bankers Road. Business Lending Partners (BLP), the financial team at the Racine County Economic Development Corporation (RCEDC), administered the loan.
Josh Sopczak – Vice President of Business Banking at Town Bank, part of Wintrust Community Bank – said, “The 504 program allows us to take a chance on businesses that we believe in and that we believe are going to create an impact in the community.”
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