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The SBA's 504 Loan Program allows you, the small business owner, to purchase an owner-occupied industrial, commercial building or fixed assets at below market interest rates with as little as a 10% down payment. The loan proceeds may be used to purchase or remodel an existing building or to construct a new facility.
Your Small Business can borrow up to 90% of the project cost or appraised value of the property, whichever is less.
When applying for an SBA loan - as with any loan - you are asked to fill out a standard application and provide specific documentation. We will work with your accountant, and do all of the analysis, packaging, and interface with the CDC/SBA for you.
A typical SBA 504 loan undergoes two approval processes. First the bank reviews the application. If the bank approves it, the application is then submitted to the CDC for approval and the accompanying SBA approval. The complete procedure from application submission to disbursement of funds takes approximately 30 to 60 days, depending on the complexity of the loan.
At City National, we serve our clients with promptness and expertise. We not only believe an SBA loan is a great source of funding for small businesses, but we put that belief into action. We're extremely knowledgeable in the field, and try to match our clients' financial needs to the most appropriate program available.
To speak with a SBA Loan Specialist, call us Monday through Thursday 7:00 a.m. - 5:30 p.m. and Friday 7:00 a.m. - 6:00 p.m. (PT) at (800) 722-5945, contact us or visit one of our local City National locations.
* Subject to credit approval.