Small Business Administration Loan 504 Program Features
Provides long term, SBA assisted financing of up to 90% of costs involved in acquisition, construction, expansion, or conversion of owner occupied commercial real estate, including equipment
Credit union provides 50% of financing, SBA debenture provides 30 – 40% financing, owner provides 10 – 20%, capital equity
Minimum project size $200,000, no maximum size
Maturities of 10 years for equipment, 20 years for real estate
Low fixed rate on SBA debenture, standard Global Credit Union terms on first position loan
Member Eligibility Requirements
Must be able to demonstrate adequate cash flow for repayment and have acceptable credit profile. Must have business deposit account at Global Credit Union. Must meet SBA eligibility requirements. Project must create jobs and/or demonstrate defined benefits to the community per SBA policy
Fees and Charges
Standard Global Credit Union commercial rates and terms
Low fixed rate on debenture financing
Fees as applicable for SBA and Global Credit Union loan
