SBA 504 LOAN PROGRAM
The Chamber of Commerce Grand Haven, Spring Lake, Ferrysburg acts as an SBA 504 loan packaging and servicing agent for the West Michigan Lakeshore Certified Development Company. This SBA program is an economic development tool designed to assist small businesses in expanding their business by providing fixed asset financing that has a fixed rate and is long term. The program requires that one job be retained and/or created for every $35,000 loaned through the SBA 504 financing program. The maximum loan available is $750,000 or 40% of the total project, whichever is less. The SBA takes a second position behind the bank.
Typical SBA 504 Financing Package