Securing financing for your small business can be an overwhelming task. Fortunately, NEDCO CDC is here to help. We offer personalized service and expert guidance to help small business owners in Northeastern Pennsylvania secure financing through the Small Business Administration’s 504 loan program. In this article, we’ll walk you through applying to work with NEDCO and securing a 504 loan.
Contacting our staff is the first thing you must do to obtain a 504 loan through NEDCO CDC. Please start by submitting the information requested on our online pre-qualification form or by calling our office immediately. We will organize an initial appointment to review your financial assistance requirements and respond to any questions you may have regarding the steps involved in the application process for a loan.
During the consultation, we’ll also discuss your eligibility for a 504 loan. To qualify, your business must meet the SBA’s size standards, be a for-profit entity operating in the United States, and plan to use the loan proceeds to acquire or improve fixed assets for the business. The financed assets must also have a useful life of at least ten years. Additionally, you must demonstrate an ability to repay the loan.
If we determine that you are eligible for a 504 loan, we’ll guide you through the application process. This process involves several steps, including gathering financial documentation, submitting a loan application, and working with our team to identify potential lenders.
The Small Business Administration (SBA) and any possible lenders will then examine this application to determine whether or not you are qualified for the loan.
NEDCO can assist you in finding a lender and negotiating the loan conditions for your best interests. Because the Small Business Administration (SBA) will guarantee a portion of the loan, the deal is more appealing to lenders, which in turn can help you achieve more favorable conditions for the loan.
In conclusion, obtaining a 504 loan through NEDCO CDC requires completing several steps, including initial consultation, collecting financial paperwork, submitting a loan application, and collaborating with our team to find suitable lenders. We are dedicated to offering individualized attention and knowledgeable direction to small business owners in Northeastern Pennsylvania in the hopes of assisting them in securing finance and expanding their companies. Contact us today to learn how we can help you obtain an SBA 504 loan.