Lakeshore 504

 

SBA 504 LOAN PROGRAM

 

 

Lakeshore 504

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


Bank         50% Market Rate, 10 year on real estate/7 year on equipment     First Lien
SBA           40% Fixed Rate 20 year real estate/10 year on equipment           Second Lien
Owner      10% equity injection
Total        100%

 

Contact David Miller at (616) 846-3153 or e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . For further information about this financing program or visit Lakeshore 504 for current rates and FAQ's.