Business Banking

Fixed rates, low down-payment and longer terms for commercial real estate or fixed asset loans may be available with a SBA 504 loan. A SBA 504 loan may be the answer if your small business requires a loan for financing projects such as the purchase or renovation of an existing building, new building construction, equipment purchasing or leasehold improvements.

With this type of loan, a Certified Development Company (CDC) acts as a secondary lender. A CDC is a not-for-profit corporation that contributes to the economic development of a community by funding up to 40 percent of some small business loans. Together, the CDC and a bank loan provide the entire loan amount, with a guaranteed loan term minimum of 10 years.

504 loans provide the following benefits:

Maturity of up to 20 years on loans ranging from $120,000 to $2,000,000
Fully amortized loans with no balloon payments
Owner equity contribution as low as 10%

Subject to credit approval.