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What is a 504 loan and how might it work for an entrepreneur?

The 504 Loan Program provides long-term, fixed rate financing for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBAs community-based partners who regulate nonprofits and promote economic development within their communities.

Can you use an SBA 504 to buy a business?

Using SBA 504 Loans to Buying Business Vehicles While most business loans can be used for anything your company might need, thats not the case with the SBA 504 loan. It is strictly to be used for real estate-related needs, or for the purchase of heavy equipment.

What are the owner occupied requirements for SBA 504?

As we mentioned above, the owner occupancy requirement states that if youre using a SBA 504 loan to buy or renovate buildings, you must occupy at least 51% of the property. The remaining can be leased out to third parties. For new construction, the applicant must occupy at least 60% of the property.

What is the 95 rule for SBA 504?

If appraisal is less than 95% of the estimated value, then the SBA loan amount must be reduced, additional collateral secured or additional equity provided. If additional collateral or cash is not available, but cash flow coverage is strong and consistent, then SBA can be requested to approve the appraisal.

What is the minimum loan amount for SBA 504?

Size of loan The maximum loan size through the SBA 504 loan program is typically $5 million. Manufacturing companies with certain specific NAICS codes and projects meeting certain environmental or energy efficiency goals can obtain up to $5.5 million in SBA funds. The minimum loan size is $50,000.

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What is the maximum LTV for SBA 504?

The 504 loan has an LTV rate of 85-90%. Part of preparing to secure a loan is determining the size of the down payment you want to start out with. You can minimize your debt by choosing a high down payment, or you can try to hold the down payment to a minimum if you have a need for cash.

How much equity do you need for SBA 504?

Borrower must contribute at least 10% equity in the form of assets, cash or other collateral.

Does SBA lend money directly to entrepreneurs?

SBA only makes direct loans in the case of businesses and homeowners recovering from a declared disaster. SBA partners with lenders to help increase small business access to loans.

How a SBA 504 loan is funded?

The SBA 504 Loan Program is funded through the sale of debentures to private investors. The debentures are guaranteed with the full faith and credit of the U.S. Government. Governmental guarantees for the 504 debentures are currently under a continuing Congressional resolution.

What are the occupancy requirements for SBA 504?

As we mentioned above, the owner occupancy requirement states that if youre using a SBA 504 loan to buy or renovate buildings, you must occupy at least 51% of the property. The remaining can be leased out to third parties. For new construction, the applicant must occupy at least 60% of the property.

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What is a 504 loan and how might it work for an entrepreneur?

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What is the maximum LTV for SBA 504?

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