Small businesses often face challenges when it comes to securing funding for their expansion or development projects. However, recent changes in the Small Business Administration’s (SBA) requirements for certain 504 loans have made the process more accessible and streamlined, offering small businesses an opportunity to pursue their growth plans.
The SBA has recognized the need to simplify the application process for 504 loans, particularly in situations involving multiple affiliates or franchise agreements. Previously, these scenarios required extensive paperwork, which could be time-consuming and challenging for small business owners. However, the recent changes in the requirements have significantly reduced the paperwork, making it easier for businesses to apply for a 504 loan.
In addition to the simplified application process, the SBA 504 program offers competitive rates and a lengthy amortization, allowing business owners the opportunity to invest in their growth and expansion plans more confidently.
Whether your clients are looking to purchase land and build a custom building, acquire an existing property for their operations, or invest in heavy equipment, the updated 504 loan process provides a smoother path for obtaining the necessary financing.
If you have a client with a project in mind that requires funding, it’s a great time to explore the benefits of a 504 loan! Give our team a call, let’s chat about it and help you close the deal!