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Small Business owners rejoice! The interest rate on SBA 504 loans, aimed at providing long-term, fixed rate financial assistance for the purchase of commercial real estate, has dropped below 5%. The interest rate for a SBA 504 loan is now at 4.93% to be exact -- one of the lowest since the program began in 1968. Over the past 24 years, SBA 504 loans have funded $60 billion in small business loans.
If you are a for-profit small business with a tangible net worth of less than $7.5 million, and have an after-tax income of less than $2.5 million for the past two years then you will likely qualify for this loan. An SBA 504 loan is a great option to help fund fixed asset projects such as: purchasing land, improving current property, and purchasing new long-term machinery and equipment, according to PR Newswire.
Doctors, lawyers, veterinarians, accountants, and other professional practices are taking advantage of the chance to build their business with the small business financing solutions that this loan provides. NADCO president Chris Crawford is quoted in PR Newswire, "It is not surprising that accountants and lawyers recognize the benefits of SBA 504 loans, but it is gratifying to see so many professionals also realizing that owning their own building to fix their business occupany costs is a very savvy financial move. More business owners would be wise to make similar investments."
In addition to the low interest rate, SBA 504 loan only requires a down payment around 10% to help a small business in the purchase or expansion of their company. SBA 504 loans cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing. You can find out more information about an SBA 504 loan on the U.S. Small Business Administration website.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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