Current interest rates for SBA 504 loans as of February, 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.
The purpose of the Racine County Community Development Block Grant – Coronavirus (CDBG – CV) is to provide economic relief for small businesses with five or fewer employees, that have experienced a negative impact on their business as a direct result of the pandemic.
The CDBG-CV grant provides up to $12,000 to aid in operational costs, training needs, professional fees, costs related to changing the business model to adapt to current economic conditions, and costs to improve safety during the pandemic.
Because the source of the grant is from the U.S. Department of Housing and Urban Development (HUD) through its Community Development Block Grant program, a Low-to-Moderate-Income requirement will apply. This grant will not be available to businesses located in the City of Racine because the City received its own allocation directly from HUD.
FINANCIAL UPDATES DELIVERED RIGHT TO YOUR INBOX