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Loan amount. Up to $500,000. Maximum SBA guarantee. 50%. SBA approval time. 36 hours. ... The 504 SBA loan program is long-term financing for constructing or purchasing buildings, land and large ...
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.
The maximum loan amount for a 504 loan is typically $5 million, but it can be up to $5.5 million. Loan funds can be used for fixed assets that promote job creation and business growth.
The maximum loan amount from the SBA is $50,000. ... In fiscal year 2023, the SBA approved over $27.5 billion in 7(a) loans and more than $6.4 billion in 504 loan funds, ...
For fiscal year 2023, the average loan amount for all types of 7(a) loans from the Small Business Administration was $479,685, and the average amount for a 504 loan was $1.08 million
Compared to other types of lenders, banks may offer larger loan amounts and lower rates. ... SBA 504 loan. Up to $5 million. 504 loans can be used to purchase, build and improve land, facilities ...
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