79.6 F
Cruz Bay
Tuesday, November 24, 2020
Home Business St. Croix business SBA Announces New Reduced 504 Loan Debenture Rates

SBA Announces New Reduced 504 Loan Debenture Rates

U.S. Small Business Administration

The U.S. Small Business Administration has announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies. Small businesses can now apply for the lowest interest rates since July 2018 as the program is now allowing 20 and 25-year interest rates at 2.214 percent and 2.269 percent, respectively.

“These are very encouraging terms and very supportive of our nation’s goal to bounce back from COVID-19,” said William Manger, SBA chief of staff and associate administrator for the Office of Capital Access.

“Certified Development Companies are the driving force behind the 504 Loan Program. The longer terms and low-interest rates support and encourage entrepreneurs to step outside of the box and look at real investments. We are pleased that the 504 Loan Program continues to show double-digit, year-over-year growth, especially in these extraordinary times,” said Manger.

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

Advertising (skip)

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 Certified Development Companies, which are certified and regulated by the SBA to promote economic development within their communities.

For questions about the 504 Loan Program, contact:

Linda Reilly

Chief, 504 Loan Program

202-205-9949

[email protected]

Print Friendly, PDF & Email

Support the VI Source

Unlike many news organizations, we haven't put up a paywall - we want to keep our journalism as open as we can. Our sites are more popular than ever, but advertising revenues are falling - so you can see why we could use your help. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. If everybody who appreciates our reporting efforts were to help fund it for as little as $1, our future would be much more secure. Thanks in advance for your support!

JOIN OUR MAILING LIST

STAY CONNECTED

20,265FansLike
4,088FollowersFollow

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Load more
Print Friendly, PDF & Email