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The 504 program works by distributing the loan among three parties. The business owner puts a minimum of 10%, a conventional lender (typically a bank) puts up 50%, and a so-called Certified Development Company (CDC) puts up the remaining 40%. Certified Development Companies [3] are established under the SBA 504 program as non-profit ...
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?
For instance, if you apply for a SBA 504 loan with Bank of America, your business can’t have an average net income of more than $5 million after taxes for the last two years.
The most popular SBA loan programs are the 7(a) loans used for general funding needs and real estate or 504 loans, ... It caters to minority business owners or businesses in low-income communities.
The US Small Business Administration (SBA) does not make loans; instead it guarantees loans made by individual lenders. The main SBA loan programs are SBA 7(a) which includes both a standard and express option; Microloans (up to $50,000); 504 Loans which provide financing for fixed assets such as real estate or equipment; and Disaster loans. In ...
Examples of qualifying loans may include business credit card obligations, capital leases, notes payable to vendors or suppliers, Development Company Loan Program (504) first-lien loans, other loans to small businesses made without an SBA guaranty, and loans made by or with an SBA guaranty on or after Feb. 17, 2009. Borrowers with loans that ...
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