July 2024 SBA 504 Interest Rates
The July 2024 SBA 504 debenture pricing was competed on July 11, 2024.
25 Year Term 6.20%
20 Year Term 6.27%
10 Year Term 6.48%
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.
CultureID Awards SomerCor
Excellence in Culture – Great Company Culture Award
CultureID recognizes SomerCor as an organization that demonstrates measurable success in fostering a positive work environment with a high level of employee engagement.
At SomerCor, we understand the challenges you face and the hard work you put in to create an economic impact. We are not just a service provider; we are your partner in success. Whether you’re a business owner, a lender, or an economic development organization, we are here to deliver impactful financial solutions tailored to your specific needs. Contact us today, and let us help you achieve your business goals.
Alpha Tekniko is an FDA-registered developer and manufacturer of custom support surfaces for a variety of durable medical equipment including multi-function hospital beds, specialty stretchers, operating room tables and wheelchairs. Founded in 2008 by Ted and Tia Lazakis, the company outgrew multiple rented facilities and realized it made more financial sense to build a purpose-driven plant rather than to continue trying to modify someone else’s space.
With the assistance of SomerCor loan officer, Eric Bacon, Alpha Tekniko obtained an SBA 504 loan that helped cover the purchase of land and construction of a 78,000 square foot building with multiple green features in Lake Zurich.
