The SBA 504 Loan Program
In 1983, the Small Business Administration created the 504 loan program to partner with banks to facilitate real estate lending, The program mandated that non profit corps be established to administer the program. Enterprise Development Corporation was one of the very first not-for-profits created to work with banks and borrowers in Central Missouri. Enterprise helps lenders and borrowers navigate through the application, closing and funding processes. The portion of the loan made by SBA remains in the Enterprise Development portfolio for future servicing. The process is surprisingly easy and the savings to the borrower can be amazing over the course of the loan.
This program offers small businesses an opportunity to financing for real estate and equipment for their business ,with a low down payment and a long term, fixed interest rate on almost half of their largest expenditure. Program is available to anyone who meets the eligibility criteria – including start up ventures, special purpose properties and franchises.
This program offers small businesses an opportunity to financing for real estate and equipment for their business ,with a low down payment and a long term, fixed interest rate on almost half of their largest expenditure. Program is available to anyone who meets the eligibility criteria – including start up ventures, special purpose properties and franchises.