504 Loans
The 504 Loan Program provides long-term, fixed-rate financing for small businesses to acquire real estate, machinery or heavy equipment for expansion or modernization. These loans require as little as 10 percent down payment from the borrower.
Use of Proceeds:
Low down payment - equity (10,15 or 20 percent) (The equity contribution may be borrowed as long as it is not from an SBA loan) Fees can be financed; SBA /CDC Portion: Long-term fixed rate Full amortization and No balloons
Long-term, fixed-asset loans; Lender (nonguaranteed) financing secured by first lien on project assets. CDC loan provided from SBA 100% guaranteed debenture sold to investors at fixed rate secured by 2nd lien.
Benefits to Borrowers:
Low down payment - equity (10,15 or 20 percent) (The equity contribution may be borrowed as long as it is not from an SBA loan) Fees can be financed; SBA /CDC Portion: Long-term fixed rate Full amortization and No balloons.
To apply or inquire about any of UTFCU’s commercial loans:
Call
(865) 971-1971
(800) 264-1971
Small Business Administration (SBA) financing is subject to approval through the SBA 504 and SBA 7(a) programs. Loan terms, collateral, and documentation requirements apply. Actual amortization, rate, and extension of credit are subject to necessary credit approval. UTFCU's standard document requirements apply. Restrictions may apply.