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Eligibility under §504 is different from that under IDEA. While IDEA recognizes thirteen categories of disability, §504 defines individuals with disabilities to include any individual with a physical or mental condition which substantially limits at least one major life activity. 29 U.S.C. 705(20).
There are three partners in an SBA 504 loan—the borrower, a bank or other regulated lender, and a CDC. Typically the borrower must contribute 10% of the total project cost; their bank lends 50% at their own rate and term (as long as the term is at least 10 years), and has a first lien on the assets being financed; and the CDC lends 40%, with a second lien.
Section 504 of the Rehabilitation Act of 1973 states (in part): . No otherwise qualified individual with a disability in the United States, as defined in section 705(20) of this title, shall, solely by reason of her or his disability, be excluded from the participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving federal financial ...
The most popular SBA loan programs are the 7(a) loans used for general funding needs and real estate or 504 loans, which are used for buying fixed assets like equipment that boost your business ...
These are good for businesses looking for working capital up to $5 million. Depending on the loan amount and the lender, 7(a) loans may be secured or unsecured. 504 loans. Meant for major ...
However, a small business can also use SBA loans to … Continue reading ->The post How Does the SBA 504 Loan Program Work? appeared first on SmartAsset Blog. How Does the SBA 504 Loan Program Work?
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