The U.S. Small Business Administration announced updated interest rates for its 504 Loan Program offered by Certified Development Companies (CDC), allowing small businesses to apply for the lowest interest rates since July 2018, by offering 20 and 25-year interest rates at 2.214% and 2.269%, respectively.
Small businesses looking for information on how to expand their business’s real estate or improve their working capital should visit: https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf
The 504 Loan Program is an SBA business loan program authorized under Title V of the Small Business Investment Act of 1958, 15 U.S.C. 695 et seq. The core mission of the 504 Loan Program is to provide long-term financing to small businesses for the purchase or improvement of land, buildings, and major equipment, to facilitate the creation or retention of jobs and to support local economic development. Under the 504 Loan Program, loans are made in conjunction with private sector lenders to small businesses by CDCs, which are certified and regulated by the SBA to promote economic development within their community.