Small Business Financing: 504 Loan Program

This podcast covers the Small Business Administration’s (SBA) Certified Development Company (504) loan program. The 504 loan is a long-term, fixed-rate loan to help small business owners expand their already existing businesses.

The podcast is in an interview format with Ron Johnson from the SBA interviewing Jim Hammersely, the Director of the Office of Financial Assistance Loan Programs at the SBA.

Highlights from the podcast:

Ron: Jim, can you tell us what types of businesses are eligible for this program?

Jim: Basically, any small business that you can think of is going to be eligible.  It has to be a for-profit business and there are certain restrictions related to gambling and other areas but pretty much what most people think of as a small business is going to be eligible.

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Ron: What can the 504 funds be used for?

Jim: The 504 funds are somewhat limited in their use and they are limited to land, buildings, equipment and heavy assets. You cannot use a 504 loan for a working capital or inventory purchase.  It’s primarily designed, as I said, to get fixed rate money in the hands of small businesses that are financing owner-occupied real estate.

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The SBA’s Long-Term, Fixed-Rate Loan Guaranty Program

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If you have any experience with these 504 loans would you leave your experience in the comments below? Thanks!

New Jersey Business? Get Loans with SBA

If you have a New Jersey business that you’re just getting started you’ll want to think about loans if you don’t have all the cash you need up front to fund it. The Small Business Administration (SBA) has a number of programs to help small New Jersey Business owners.

This podcast is an interview of Jim Hammersley, Director Office of Financial Assistance Loan Programs U.S. Small Business Administration by Ron Johnson of the SBA.

Highlights of this podcast:

Ron Johnson: Many entrepreneurs lack the financial resources to start or expand the small business themselves.  They often combine what they have with other sources of financing.

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Financing a Small Business

SBA’s business loan programs provide a key source of financing for
viable small business that have a real potential, but may not qualify
for loans from traditional sources.

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Do you have experience, or know someone that has received assistance by using the SBA’s small business loan program in New Jersey? If so, please leave your story below in the comments section. Thanks!

Finding Money for Your Small New Jersey Business

If you have a small New Jersey business and you’re wondering about financing – look no further than this informative podcast from the office of the Small Business Administration (SBA).

Ron Johnson of the SBA is the interviewer and the interviewee is Jim Hammersely.

Some highlights:

Ron Johnson: What is this 7A loan program?

Jim Hammersley: The 7A loan program is a program where SBA puts a federal guarantee on a loan made by a private sector lender, typically a bank, to a qualifying small business.  The purpose of the guarantee is to encourage the lender to make a loan to a small business that would not quite qualify under their conventional standards but has a viable business and a well-thought out business plan.

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Financing a Small Business

Many new business owners don’t have the money to begin or grow their new New Jersey business. Funding is necessary so they turn to family, friends, VC’s, and small business loans. This short podcast talks a little bit about how to go about finding the money to fund your new business.

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If you have any experiences you want to share about financing your small New Jersey business with help from the SBA please leave your story in the comments section below. Thanks!