SBA 504 Loan Program

From the time the CDC receives the all of the information from the borrower necessary to complete the application, it takes approximately 6-8 weeks to receive approval from our local loan committee and approval from SBA. After the approval from SBA has been received, the participating lender will provide interim financing (this would be equivalent to the bank's 50% and SBA's 40%). Once the project is complete (all of the interim funds have been drawn), the CDC will close the SBA loan with the borrower and SBA will disburse its funds to the bank. Please NOTE that the interest rate for the SBA loan is set only after the project is complete.