Is My Project Eligible?
The 504 loan is available to individual business owners or multiple owners partnering on a project. Businesses must be for-profit enterprises with a tangible net worth of less than $15 million. Net profit after taxes must not exceed $5 million during the previous two years. Whether you are planning an expansion or need to purchase additional equipment for your business, the SBA 504 loan can help.
Answer these questions to find out if your project is eligible:
Are you a for-profit business?
Has your average net profit after taxes been less than $5 million during the previous two year's tax returns?
Will this loan be used to finance the acquisition of a building, construction or renovation of real estate or the purchase of equipment? If the loan is used to purchase a building, will your business occupy at least 51% of the space?
If the loan will be used for ground-up construction, will your business occupy at least 60% of the building now and 80% long-term?
Are all owners of 20% or more of your business and a real estate holding company (if formed) willing to guarantee the loan?
If you answered YES to all of these questions, you are likely eligible for a 504 loan.
Kinds of businesses served:
- Auto and motorcycle dealerships
- Auto repair shops
- Car washes
- Childcare centers
- Dental offices
- Distribution centers
- Hair salons
- Heating and mechanical contractors
- Hotels and motels
- Internet companies
- Law offices
- Medical offices
- Restaurants and food service companies
- Retail and wholesale companies
- Veterinary offices
Contact your local loan officer to get started.