Is your business looking to buy or construct a building or add machinery and equipment? The Chamber can help. We offer SBA 504 financing which provides long-term interest rates on fixed assets with as little as 10% down. Along with the Michigan West Coast Chamber of Commerce we jointly administer the Lakeshore 504 which is a non-profit corporation promoting economic development and job creation in West Michigan. Established in 1983 as a certified development company, Lakeshore 504 is licensed by the Small Business Administration to process, close, and service SBA 504 loans.
Visit the SBA Lakeshore 504 website for more information.
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%