April 2024 SBA 504 Interest Rates
The April 2024 SBA 504 debenture pricing was competed on April 11, 2024.
25 Year Term 6.69%
20 Year Term 6.76%
10 Year Term 6.59%
The SBA offers a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY24 fees. SBA 504 refi rates are approximately 3 basis points higher than debenture pricing noted above.
The SomerCor team is hitting the road to present at commercial lending forums hosted by the U.S. Small Business Administration! These presentations are a great resource for commercial lenders to learn about the SBA 504 loan program and how it can support their small business clients. Last week, SomerCor SVP and loan officer, Elisabeth Williams, kicked things off with the Illinois SBA District Office team in Chicago. Stay tuned for a schedule of forums statewide!
Pictured: Bob Esquivel, Lis Williams, Toyia Hemingway, and Keith Schlegel
Siblana Events is an event and floral design company that specializes in translating client dreams into design. Founder and CEO, Rehana Bhaiji, teamed up with SomerCor on an SBA 504 loan to finance the purchase and renovation of a permanent headquarters.
“Working with SomerCor allowed me to realize my dream of owning a permanent studio much sooner than I’d ever anticipated,” said Rehana. “We are so happy and proud of our new home and can’t wait to serve our clients with more amazing designs.”
