PENNSYLVANIA – The U.S. Small Business Administration Philadelphia District Office is pleased to announce that SBA has approved “The 504 Company’s” Multi-State request to expand into the Commonwealth of Pennsylvania. “The 504 Company” also does business in New York and in parts of New Jersey.
“The 504 Company” is authorized to offer SBA 504 and Community Advantage Loans throughout the Commonwealth of Pennsylvania and to eligible New York State and New Jersey businesses as well. The SBA 504 Loan Program is a fixed-asset economic development program designed to promote growth and job creation in small businesses. As a Community Advantage Lender “The 504 Company” will be offering SBA 7(a) loans in amounts up to $250 thousand to businesses that cannot qualify for a conventional or SBA loan from its bank of account.
“It’s a pleasure to welcome ‘The 504 Company’ to our family of CDCs providing lending services to our local entrepreneurs and across the entire state of Pennsylvania. SBA applauds ‘The 504 Company’ for their willingness to fund small businesses, which helps create jobs and improve the economy,” said David Dickson, District Director for SBA’s Philadelphia District Office. “We have excellent CDCs in the state and it’s great to have ‘The 504 Company’ join the economic development team bringing SBA’s 504 loans throughout eastern, central, and western Pennsylvania. 504 loans can be a very powerful tool for a small business to acquire land, buildings, and major pieces of capital equipment. We welcome them to the team!”
“We are pleased to have the opportunity to expand our area of operations to include Pennsylvania, as it complements our work in New York and New Jersey. We have been successful in our existing markets by emphasizing our partnerships with lenders as we strive to be a creative, responsive and cost-effective resource for SBA 504 lending. As one of the leading SBA 504 and Community Advantage lenders nationally we bring a depth of knowledge and experience to the process,” said President and Chief Executive Officer Pat MacKrell. “I have spent quite bit of time in Pennsylvania of late and am grateful for the warm reception we have received and the opportunity to add to the great work being done by the existing CDCs in Pennsylvania. We look forward to establishing offices statewide as we have done in New York.”
SBA’s CDC/504 loan program is a long-term financing tool for economic development within a community that provides growing businesses with long-term, fixed rate financing for major fixed assets, such as land and buildings. The goal of a Certified Development Company is to contribute to the economic development of its community. CDCs work with SBA and private-sector lenders to provide financing to small businesses.
SBA’s 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets such as buildings, equipment, or machinery for expansion or modernization. The 504 Loan Program is a powerful economic development tool that offers small businesses a competitive avenue for financing business oriented real estate, while promoting business growth and job creation in local communities.
SBA-guaranteed loans are designed to help small business owners start, grow and succeed. For a complete list of participating lenders, please visit www.sba.gov/pa.
For more information on The 504 Company CDC, please contact their Pennsylvania Office at 1-800-613-8262 or visit their website at www.nybdc.com.