A Quick Guide to SBA 504 Loans for Utah Business Owners
Updated: Jun 17, 2022
If you're looking for a way to finance commercial real estate and long-term equipment purchases, an SBA 504 Loan offers distinct advantages to you as a business owner. As a tool, the SBA 504 loan is useful in a number of ways. Some of the advantages include:
The SBA federally backs SBA 504 Loans to reduce the risk to lenders.
The SBA 504 loans come with lower interest rates than conventional loans.
Low down payments.
There are / can be challenges associated with pursuing an SBA 504 loan. They include:
A longer wait time than conventional loan approvals.
However, if you can qualify for an SBA 504 loan, it is definitely worth the wait. The SBA 504 loan is a popular option because it provides distinctive advantages to businesses that qualify for the program.
As a Utah business owner, you can apply an SBA 504 loan in a number of ways which include:
Purchasing a building.
Improve your existing facility.
Buy machines or equipment.
Buy commercial real estate.
Not only are SBA 504 loans a great way to advance your business initiatives, but the program also promotes economic development and helps create jobs.
For more information, contact Wasatch Business Finance, your Utah Certified Development Company, today!