SBA 504 Loans Hit Record Low Interest Rates for September 2011
The 20-year estimated fixed rate is 4.69% and the 10-year is 3.75%
Affordable financing helps create new jobs by supporting business expansion and helps retain jobs by offering commercial mortgage refinancing. The Economic Development Foundation (EDF) is excited to work with the U.S. Small Business Administration (SBA) to offer loans with low rates, longer amortizations, and low equity requirements.
The estimated effective rates published this week have been reduced to 4.69% on a 20-year loan and 3.75% on a 10-year loan – including all servicing fees. “This is a tremendous opportunity for business owners to invest in their own facility and upgrade equipment.” explains Sandy Bloem, Executive Director for EDF. “There has never been a better time to take advantage of these incredible rates, especially considering that commercial properties are plentiful and pricing is very attractive.”
Since the program’s inception, 504 loans have funded over $62 billion in loans around the country to over 130,000 small businesses. In turn, those businesses have created or retained over 2.1 million jobs for our national economy.
Economic Development Foundation was created in 1981 to work with the US Small Business Administration and private sector lenders to provide much needed financing to small businesses through the SBA 504 loan program. The SBA 504 loan program serves as a long-term financing tool for economic development and job growth within a community. Economic Development Foundation (EDF) maintains a highly knowledgeable staff with over 100 years of combined financial experience serving the needs of small business owners throughout Michigan. For additional information regarding EDF and the SBA 504 loan program, call (616) 459-4825 or visit www.growmichigan.com.