SBA's 504 loan program for industrial or commercial buildings
The 504 Loan Program allows small business owners to purchase an industrial or commercial building at
below-market interest rates with a minimum of ten percent down payment or equity injection.
The loan proceeds may be used to purchase or remodel an existing building,
construct a new facility or to purchase equipment with a minimum economic useful life of 10 years.
The 504 loan is structured so a bank loans 50% of the total project; then a Certified Development Company (CDC)
issues a second loan
for 40% of the total project. The borrower contributes 10%. You can ask your bank to fund the 50% or the
CDC can find a lender.
Click here for a list of Certified Development Corporations that serve Illinois.
Growth Corp
2401 West White Oaks Drive
Springfield, IL 62704-7423
217-787-7557
http://www.growthcorp.com