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Small business loans are available

The U.S. Small Business Administration announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC).

Small businesses can now apply for the lowest interest rates since July 2018 as the program is now allowing 20 and 25-year interest rates at 2.214% and 2.269%, respectively.

“These are very encouraging terms and very supportive of our nation’s goal to bounce-back from COVID-19,” William Manger, SBA chief of staff and associate administrator for the Office of Capital Access. “CDCs” are the driving force behind the 504 Loan Program. The longer terms and low interest rates support and encourage entrepreneurs to step outside of the box and look at real investments. We are pleased that the 504 Loan Program continues to show double-digit year-over-year growth, especially in these extraordinary times.”

Small businesses looking for information on how to expand their business’s real estate or improve their working capital should visit https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf.