The SBA 504 Loan Program promotes economic development opportunities in the community by providing affordable financing to expand your business.
Northwest Federal partners with a local Certified Development Center (CDC) to cover up to 90% of project costs. The Credit Union provides 50% of the financing, the 504 Loan provides up to 40%, while you, the business owner, contribute as little as 10%. With a 504 Loan, the Credit Union may also provide certain terms that may be more beneficial to your business than you might receive with a conventional loan.
A SBA 504 Loan may help your business grow with:
Down payment as low as 10% – preserves your cash for working capital
Competitive 20 and 25 year fixed interest rates – on CDC portion
20 or 25 year fully amortized loan – reduces month cash requirements
Project financing – both hard and soft costs could be included