Just a heads up on an existing loan program for small business owners that you may be interested in that is sponsored by the SBA. It’s called the Small Business Administration 504 Loan Program.
This is available for new equipment or building purchases, as well as, refinancing of commercial buildings that are owner occupied.
Financing is available up to 90% of the collateral. The SBA assumes 40% of the next balance and provides a 20 year fixed rate term. Interest rates for this term are currently 4.59% for new purchases and 4.76% for refinancing. The remaining 50% of the loan is assumed by the bank and terms are typical of commercial loans.
Please contact your business banker and see if they are participating in this program. If not, let me know and I can hook you up with banks in the area that are currently participating.
Dean R. Holland, CPA