Small Business Finance News
SBA Loans Can Help Small Business
Written by Jenna Weiner
Published: 9/16/2010
504 loans through SBA's Certified Development Companies can help small businesses
The U.S. Small Business Administration is highlighting one of its most effective loan programs for entrepreneurs.
Through its Certified Development Companies, the SBA is providing 504 loans to small businesses with the lowest interest rates since the program began. The 504 loans can be used by small businesses to rent larger office space, making the business more energy efficient and add more employees.
According to a recent statement by the organization, the SBA helped 680 small businesses get low-interest rate loans in September alone, many of which added more workers to their staff as a result. One of the beneficiaries of the program was Paragon Innovations. The company, based in Texas, was able to purchase a brand new office building and plans to add approximately 20 new employees over the next two years.
The 504 loans can also be advantageous to small businesses in need of loans by only requiring them to make a down payment of 10 percent on a loan. By putting down less money up front, small businesses can invest more in day-to-day operations.
The SBA has been honoring entrepreneurs around the country for success that they have had in their communities. The Portland Business Journal reports that Francisco Olivas and Robert Valdez made news for small business by being named Minority Small Business Persons of the Year by the SBA's Portland district.
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