5 Facts About 504 Loans

Illinois District Office  - February 2020

u s small business administration
Ready to Grow Your Business? SBA can Help.

504 Loan Program could be the right fit for your small business

If you'd like to purchase land, renovate buildings, or acquire heavy machinery, consider the SBA's 504 Loan Program, in which a Certified Development Company (CDC) and a traditional lender partner to help a small business owner obtain the loan. Our friends at SomerCor, an SBA-certified, non-profit small business lender, recently shared some information about the program on their blog:

1. Startups are eligible to apply! The 504 loan program is not limited to established businesses. Startups must put between 15-20% down, dependent on the type of real estate purchase. But unlike a conventional loan, they still have access to below market rate interest terms.

2. The SBA 504 loan program is available a broad range of businesses. Manufacturing, healthcare, restaurants, hospitality, retail, daycares, breweries, and more may be eligible for a 504 loan. The program may be a good fit for any small business looking to purchase land, space or fixed assets.

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Opportunity Zone funding now available

Local governments and privately held Opportunity Funds are invited to apply for a grant from the Illinois Department of Commerce and Economic Opportunity. In an effort to encourage Opportunity Zone investments throughout Illinois, this funding opportunity will provide matching funds for infrastructure, utility, remediation and site preparedness related costs for private real estate investments, as well as municipal infrastructure investments such as utility work, broadband expansion/upgrades, and other site readiness type activities. The deadline to apply is May 7.

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Upcoming Events

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Thursday, Feb. 13

Government Contracting 101Vernon Hills (Sponsored by the Illinois SBDC at the College of Lake County)

How to Start a Small Business in Illinois | Rockford (Sponsored by the Illinois SBDC at the Rockford Chamber of Commerce)

Friday, Feb. 14

Understanding the Grant Accountability and Transparency Act (GATA) Pre-Award ProcessChampaign (Sponsored by the Illinois SBDC at Champaign County EDC)

Tuesday, Feb. 18

Introduction to QuickBooks Online | Champaign (Sponsored by the Illinois SBDC at Champaign County EDC)

Legal Issues for the Small Business Owner | Glen Ellyn (Sponsored by the Illinois SBDC at the College of DuPage)

Trademark Law Workshop | Chicago (Sponsored by the Illinois SBDC at ICNC)

Getting Business Referrals | Grayslake (Sponsored by the Illinois SBDC at the College of Lake County)

Wednesday, Feb. 19

8(a) Orientation | Chicago

Fair Labor Standards Act | Peoria (Sponsored by SCORE Peoria)

Starting a Business in Illinois | Schaumburg (Sponsored by the Illinois SBDC at Harper College)

What You Need to Know about Federal Taxes & Your Business | Vernon Hills (Sponsored by the Illinois SBDC at the College of Lake County)

Thursday, Feb. 20

Starting Your Business in Illinois | Vernon Hills (Sponsored by the Illinois SBDC at the College of Lake County)

Finding, Evaluating, and Managing Foreign Distributors |  Grayslake (Sponsored by the Illinois SBDC at the College of Lake County)

Basics of Email Marketing | Glen Ellyn (Sponsored by the Illinois SBDC at College of DuPage)

Contracting and Surety Bonds for Small Businesses | Chicago

Get Ready to Apply for a Grant | Belleville (Sponsored by the Illinois SBDC at SIUE/Metro East)

Monday, Feb. 24

Start Your Business in Illinois | East Peoria (Sponsored by the Illinois SBDC at Bradley University)

Tuesday, Feb. 25

Starting Your Business in Illinois | Decatur (Sponsored by the Illinois SBDC at Champaign County EDC)

Create Your Business Plan | Chicago

The Certification Process | Glen Ellyn (Sponsored by the Illinois SBDC at College of DuPage)

Wednesday, Feb. 26

Uncover Overlooked Income Tax Breaks and Deductions | Chicago (Sponsored by SCORE Chicago)

Business Tax Planning for 2020 | Chicago