Just because a property is listed (or eligible to be listed) on the National Register of Historic Places does not mean the SBA 504 loan program cannot be used for financing. In fact SBA 504 now allows historic tax credits to be used in the front end of the project as equity contribution with a new master lease policy. When utilizing the master lease the tax credit investor does not need to guarantee the loan! When working with a historic property contact BLP staff early to assist in obtaining SBA approval on both the master lease as well as the work being done to the property.