Scott Carlson and Jeffery Siedsma are pleased to announce their successful completion of the National Association of Development Companies’ course on closing Small Business Association 504 Loans. The intensive two-day course was held in Colorado Springs, CO as part of NADCO’s annual conference
The SBA’s 504 Loan provides financing for the purchase of fixed assets, such as real estate, buildings, equipment, and machinery. A primary benefit of 504 loans to borrowers is that they are offered below market rates.
The 504 program works by distributing the loan among three parties. The business owner puts a minimum of 10%, a conventional lender (i.e., a bank) contributes 50%, and a Certified Development Company (CDC) contributes the remaining 40%. Certified Development Companies are established under law as non-profit corporations set up to support economic growth in their local areas. Carlson Siedsma LLP works with several New Jersey CDCs, such as the Regional Business Assistance Corporation (RBAC), located in Trenton.
If you have any questions concerning 504 loans, or need assistance with a 504 loan or other SBA loans, please contact the attorneys of Carlson Siedsma LLP for a consultation.