Is your business looking to buy or construct a building or add machinery and equipment? The Chamber can help connect you to the right resource. Small Small Businesses along the Lakeshore can access long-term low-interest financing called SBA 504 loans through the Economic Development Foundation (EDF). The SBA 504 loans, which EDF processes, closes and services, are made to small businesses for real estate acquisitions, construction and equipment purchases. 504 financing offers several advantages to the small business investor including longer terms, low down payments, attractive interest rates and lower lender risk.
For more information and a referral to an EDF staff member contact 616.846.3165.
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%