The August 2024 SBA 504 debenture pricing was completed on August 8, 2024. 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 was on hand for the 2024 Annual SBA Illinois District Luncheon. It was a great event celebrating the U.S. Small Business Administration’s 71st birthday, the IL District team, and the lending partners that make SBA 504 lending possible. In FY23, over $1.3 billion dollars in SBA financing was deployed across the state of Illinois to support small business growth! 📸 Elisabeth Williams, Monika Gulati, Eugene Lee, Manish Laroia, Manny Flores, Margaret Griffin, Katy Do & Eric Bacon.
Using the SBA 504 loan to finance ground-up construction for a new business facility allows entrepreneurs to design with purpose for optimal workflow, branding, employee retention, energy efficiency, safety and accessibility, and future growth. With less money down and long-term, fixed, below-market rates, the SBA 504 loan is a great financing solution for both new construction and heavy equipment to support scaling opportunities.
