If you have questions contact
Michael Piazza
Senior Vice President
Office: 312-360-3310
Mobile: 847-361-4022
mpiazza@somercor.com
Website Link: click here
SBA 504 Loan Terms
SBA 504 Quick Look
| Interest Rates | 6.50% to 8.50% |
| Loan Amount | From $500K |
| Loan Term | From 10 to 25 years |
| Recourse | Fully Recourse |
| Amortization | Up to 25 years |
| Learn More | SBA 504 → |
| Loan Size | The SBA 504 loan can provide up to $5 million for small businesses, and up to $5.5 million for small manufacturing companies |
| Loan Term | Up to 25 years for land and buildings, 10 years for heavy equipment |
| Interest Rates | Vary, but current maximum interest rates for the CDC portion of an SBA 504 loan are between 2.08 and 2.18% above the relevant U.S. Treasury Index (5-year index is used for 10-year loans, while the 10-year index is used for 20-year loans) |
| Loan Use | Land, real estate, heavy equipment, and other fixed assets. 504 loans are not allowed for working capital |
| Down Payments | Minimum 10% down payment required for most borrowers |
| Timing | Typically takes between 65 to 75 days to close |