Search
 

504 Loan Activity Up 25% Over 2004, SBA Reports

WASHINGTON - SBA's lesser known 504 loan program continues to see more activity, the agency reported. So far, in fiscal year 2005, which started on Oct. 1, the SBA did 1,780 loans totaling $883 million. Through the same period this year, the program is up 25% in the number of...

By Michelle A. Samaad | Updated on January 17, 2006

WASHINGTON – SBA’s lesser known 504 loan program continues to see more activity, the agency reported. So far, in fiscal year 2005, which started on Oct. 1, the SBA did 1,780 loans totaling $883 million. Through the same period this year, the program is up 25% in the number of loans (at 2,250 loans) and up nearly 50% in the dollars ($1.32 billion), the agency said. The 504 or Certified Development Company loan program is a long-term financing tool for economic development within a community. It provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. There are about 270 CDCs nationwide. -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.